Woodside is expected to pay a total of $2.5bn for its 30% stake over the project’s duration and will take over the operational control of the field’s LNG exports, which are scheduled to begin in 2018.

Despite the absence of a clear pro-export regulatory framework, Woodside, which is one of Asia’s leading LNG developers, still decided to press ahead. However, MEES understands that the company’s CEO Peter Coleman was assured by Israeli Prime Minister Benjamin Netanyahu, when the two met in Jerusalem on 22 October, that the Zemach report’s pro-export proposals would be accepted. (CONTINUED - 617 WORDS)