Netanyahu signs agreement for developing Israel’s offshore gas

Israeli Prime Minister Netanyahu Thursday signed a landmark agreement opening the way for the development of Israeli’s offshore gas fields by a consortium led by Noble Energy and the Delek Group. As minister of the economy, the prime minister officially invoked Antitrust law’s Clause 52 which allows him to approve a monopoly if it serves a national foreign or security interest. The consortium is already developing the Tamar offshore reserve, which is in production, but has held off proceeding with the much larger Leviathan site in the eastern Mediterranean Sea until the regulatory uncertainty regarding the project was clarified. Energy Minister Yuval Steinitz said Israel will receive 60-70 percent of the gas produced by its offshore gas fields

Opponents of the deal say they will challenge the move before Israel's Supreme Court.

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