- Israeli lawmakers yesterday approved a framework agreement regulating how Noble Energy (NBL -0.2%) and its partners can develop two massive offshore gas fields, but the projects still cannot move forward because a critical vote to transfer the economy minister's authority on the matter to the full cabinet was not successful.
- NBL praised the Knesset vote and urged the government to quickly clear all remaining barriers to development.
- The negotiations took on a new urgency after Italian oil company Eni said last week it had discovered a “supergiant” gas field offshore Egypt that could undercut Israel’s plans to sell its gas to its energy-hungry neighbor.