Australian oil and gas group Woodside Petroleum is set to make a final decision on investing in the giant Leviathan field off Israel early next year, the company said.
The natural gas field is thought to contain upwards of 17,000 cubic feet of gas and 600million barrels of oil.
Israel is due to finalise its tax policy for gas projects next year, following a court ruling allowing the country to export around 40% of its offshore natural gas resources.
Woodside, which is behind the giant Pluto and North West gas projects in Australia, has already agreed in principle to take a 30% stake in the field for £760million.
But the company said it would wait until it was ready before making a final decision on the deal.
“First and foremost we are focused on ensuring that we have a commercial outcome that delivers value to us,” said chief executive Peter Coleman.
The firm is also starting to cement plans for the Browse floating liquefied natural gas project, having scrapped plans for an onshore gas plant earlier this year.
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