Israel has approved a revised deal that will speed up development of the Leviathan offshore natural gas field.
The Supreme Court had blocked a previous agreement, under which the state was bound to not increase taxes, export quotas or other regulation over a ten-year period.
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Israel’s Energy Minister Yuval Steinitz was quoted by Reuters as saying that the new deal will offer more flexibility and stability for industry partners in the Leviathan offshore project.
Texas-based Noble Energy and Israel’s Delek Group are partnering in the offshore project.
The latest deal was approved at a cabinet meeting last week, and is expected to address the court’s concerns about the project.
Israel has discovered offshore assets in the eastern Mediterranean region during the past decade.
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