The Israeli Gas Framework in Regional Context: Stabilisation Clauses in Natural Gas Contracts Around the Levant Basin
Article from: OGEL 3 (2017), in Middle East, Buy Back Contracts
Introduction
When the Supreme Court of Israel (the "Supreme Court") rejected the stabilisation clause in Israel's natural gas framework (the "Framework") on 27 March 2016, it appeared to call the use of stabilisation clauses into question. The Framework was established by the Israeli Government to regulate the involvement of Noble Energy ("Noble") and Delek Group ("Delek") in the development of Israel's offshore gas fields, including the large Leviathan and Tamar fields. As originally drafted, the Framework required Noble and Delek to sell their stakes in the Tanin and Karish ...