- Prime Minister Netanyahu told Israel's Supreme Court today the country must move forward developing the Leviathan natural gas field for economic and security reasons.
- In a highly unusual move, Netanyahu voluntarily testified before the court to defend a framework gas deal in response to petitions to block plans to develop the field, which is estimated to hold 622B cm of reserves.
- Netanyahu argued the framework provides vital opportunities for Israel's foreign relations and that any delay in its implementation could lead to the deal's collapse and cause "long-term significant damage" to Israel's security and economy.
- The deal's critics, including Israel's anti-trust authority, say planned control of the country's gas reserves by one consortium will limit competition and keep prices high.
- Under the deal, U.S.-based Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY), which discovered Leviathan in 2010, would retain control of the field.