- Israel's energy ministry unveils proposed guidelines for the country's natural gas sector that would leave the largest offshore project, Leviathan, in control of a U.S.-Israeli consortium while opening the industry to new competition.
- The new plan requires Noble Energy (NYSE:NBL) and Israel’s Delek Group (OTCPK:DGRLY) to sell stakes in smaller fields while maintaining their grip on the larger Leviathan field, and requires companies to cap prices for a number of years until competition is developed.
- Delek will have six years to sell its entire stake in a second large field, Tamar, and NBL must decrease its stake in the field to 25% from 36%.
- Thousands demonstrated in Tel Aviv over the weekend against the expected plan, fearing the proposal fails to break up a monopoly and will result in high prices for Israeli consumers.