Australia's Woodside pulls out of massive Israel gas venture

[World News]

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Australian energy giant Woodside Petroleum on Wednesday pulled out of the massive Leviathan gas joint venture off the coast of Israel -- one of the largest deposits found in the world. The company said it had terminated an early-stage agreement with the Leviathan partners, led by US oil producer Noble Energy, to take a 25 percent stake worth an estimated US$2.5 billion in the discovery. Woodside chief executive Peter Coleman said in a statement that negotiations between the parties, which started in late 2012, failed to reach an acceptable outcome on development and supply agreements. Talks were drawn out as the Israeli government drew up a policy for gas exports.

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