Special to WorldTribune.com

TEL AVIV — Australia has delayed participation in Israel’s offshore natural gas project.

Australia’s Woodside Petroleum has failed to implement its agreement to purchase a stake in Israel’s Leviathan gas field, located in the eastern Mediterranean.

Woodside acknowledged unspecified differences in the $2.7 billion agreement, scheduled to have been signed on March 27.

“Discussions continue with the parties and the Israeli government with a view to resolving the remaining issues and executing definitive agreements,” Woodside said on March 28.

Industry sources said Woodside, which agreed to a 25 percent stake, was seeking to reverse a decision by the government to reduce profits from liquefied natural gas sales to Asia.

They sources the government of Prime Minister Benjamin Netanyahu also inserted a clause that would halt gas
exports in case of an emergency in Israel.

  Australia delays signing major Leviathan gas deal over Israel’s terms, eastern Mediterranean, liquefied natural gas, Woodside Petroleum