Woodside have elected to terminate their memorandum of understanding with participants in the Leviathan Joint Venture.
In a statement to the ASX, Woodside said that negotiations between the parties failed to reach a commercially acceptable outcome.
Woodside CEO Peter Coleman said that the decision was a difficult one, which the company did not take lightly.
“All parties have worked very hard to secure an outcome which would be commercially acceptable, but after many months of negotiations it is time to acknowledge we will not get there under the current proposal,” Coleman said.
“While Woodside’s commitment to growth is string, even stronger is our commitment to making disciplined investment decisions.
“I would like to acknowledge and thank the Leviathan Joint Venture participants and the Israeli Government for working with us.”
The discussions involved negotiations with Noble Energy Mediterranean, Delek Drilling, Avner Oil Exploration and Ratio Oil Exploration to acquire a 25 per cent participating interest in the 349/Rachael and 350/Amit petroleum licences, offshore in Israeli waters.