Reuters: Israel Reaches Deal to Develop Leviathan Gas Field

Israel's government said on Thursday it had reached a deal with a U.S.-Israeli consortium on the development of the huge Leviathan gas field and two other offshore wells.

After weeks of talks over the government's initial proposal in June, the controversial deal will allow Texas-based Noble Energy and Israel's Delek Group to keep ownership of the largest offshore field, Leviathan. They are required to sell off other assets, including stakes in another large deposit called Tamar.

"The outline will bring Israel hundreds of billions of shekels in the coming years," Prime Minister Benjamin Netanyahu told a news conference, saying he will present the agreement to the cabinet on Sunday for a vote.

The deal sent Israel's energy and oil and gas stocks up 5 to 6 percent by afternoon trading in Tel Aviv. MORE