Woodside expects Leviathan decision by 2014
JOHANNESBURG (miningweekly.com) – Oil and gas major Woodside said on Tuesday that it expected to see a final decision on its Leviathan project, in Israel, in the first half of 2014.
During 2013, Woodside’s capital expenditure decreased from an expected $2.3-billion to only $1.1-billion, as it deferred expenditure on the Leviathan project.
In 2012, Woodside entered into a conditional agreement to take a 30% equity in the Leviathan gas field offshore Israel for $1.25-billion, as part of its diversification strategy.
In October, the Israeli court rejected a challenge to the legality of the government’s natural gas export policy, which would allow for 40% of the country’s offshore gas reserves to be exported.
Woodside said on Tuesday that the government policy provided a basis for a commercially viable export project for Leviathan, adding that the company and its joint venture partners would now continue discussions to convert the in-principle agreement into a fully termed agreement.
The Israeli government was expected to finalise its tax policy setting for gas export projects by the first half of next year, and Woodside was expected to make a final decision on its farm-in offer during this time.
The Leviathan project has a contingent resource of some 18.9-trillion cubic feet of gas and 34.1-million barrels of condensate.
Meanwhile, Woodside also reported on Tuesday that it had a production target of between 86-million barrels and 93-million barrels of oil equivalent for 2014. This compared with a guidance of between 85-million barrels and 89-million barrels of oil equivalent during 2013.
Some 39% of the 2014 production would be sourced from the Pluto liquefied natural gas (LNG) project, a further 23% from the North West Shelf LNG project, 14% from New South Wales domestic gas and 24% from condensate, oil and liquefied petroleum gas.
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