Noble Energy CEO: Gov't must deliver swift solution

Leviathan

David Stover has expressed his disappointment in the Israeli High Court decision to strike down the gas framework agreement.

Noble Energy Inc. (NYSE: NBL), which operates the Leviathan gas field, has responded to the Israeli High Court of Justice's decision to cancel the gas framework agreement and send it back to the Knesset for legislation on the stability clause.

Noble Energy chairman, president and CEO David Stover said, "The Court's ruling, while recognizing that timely natural gas development is a matter of strategic national interest for Israel, is disappointing and represents another risk to Leviathan timing. Development of a project of this magnitude, where large investments are to be made over multiple years, requires Israel to provide a stable investment climate. Noble Energy has consistently maintained that stability is a minimum condition for project development, and our position has not changed. As we have stated before, we will vigorously defend our rights related to our assets to protect shareholder value. It is now up to the Government of Israel to deliver a solution which at least meets the terms of the Framework, and to do so quickly."

Published by Globes [online], Israel business news - www.globes-online.com - on March 28, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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