The Leviathan project is situated on the Rachel and Amit licenses offshore Israel in 5,550ft of water and has an estimated 17 trillion cubic feets of discovered resources and the project is being currently appraised.

Noble Energy will pass on 9.66% working interest and will remain the operator with 30% interest.

The company will be paid a total of $464m, comprising an initial cash payment of $287m to be paid at the closing of the deal, and the two contingent payments totaling $177m.

Woodside will pay $64m after the Israel laws permit liquefied natural gas (LNG) export, while the remaining $113m will be paid when a final investment decision is made regarding LNG development.

Noble Energy will also receive a part of Woodside’s LNG annual revenue above certain price parameters subject to a $322m cap over the life of the project.

The transaction is subject to customary approvals, and negotiations between the parties.