Noble and Israel reach agreement on natural gas development

Noble Energy and Israel have reached an agreement over plans to develop two of the country’s major offshore natural gas reserves, according to Fuel Fix. Before Noble can resume work in these reserves, however, regulatory framework requires final approval from the Israeli Cabinet, which is expected to vote on the matter within days.

Fuel Fix notes that the agreement, which was announced Aug. 13, sets a price cap for natural gas sales to Israeli companies and requires Noble and its partners to finish developing the massive Leviathan field by 2020, according to the Associated Press.

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