The new clause will allow future governments to review and amend the gas deal legislation; Energy Minister Yuval Steinitz praises the agreement, saying that it will be brought to a cabinet vote in the coming days.

Lior Gutman, 05.21.16

The government has reached an agreement on four new principles regarding the stability clause of the gas deal and will likely approve them on Sunday. According to these principles, future governments will have the option to review and amend the gas deal legislation.

The High Court of Justice required the cabinet to write a new stability clause for the gas deal and it responded, making the gas deal a semi-binding piece of legislation. The solution was reached after the court ruled that the promise of regulatory immunity in the current form of the gas deal was unacceptable.

The Energy Ministry said that after its minister,Yuval Steinitz, and representatives of Delek and Noble, the main stakeholders in the Leviathan gas field, met to discuss the new stability clause, the latter expressed its satisfaction with the proposed amendment.

Steinitz said, “Following many long hours of work, we succeeded in reaching an appropriate alternative to the stability clause in accordance with the principles established by the High Court, which aim to create a regulatory environment and encourage investment. I hope that the development of the Leviathan gas field that started last January will continue now in accordance the original schedule agreed upon in the gas deal. Moreover, I hope that Israel’s economic waters will be reopened to gas and oil explorations by more international energy companies.”

In a statement, a Noble representative said its talks with the government have allowed it “to formulate stability language which enables us to continue to progress the Leviathan project on timelines previously indicated.”

Reuters contributed to this report.
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