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According to a report from Reuters, Woodside Petroleum has pulled out of an agreement to participate in a 25%, $2.7 B stake in Isreal's Leviathan gas project on Wednesday, May 21 2014.
Leviathan partners said it would not impact first production, expected in 2017.
The Leviathan field is the largest offshore gas find of the decade, with an estimated 540 Bc meters of gas.
Woodside was intially contacted to increase access to asian LNG markets, however regional market growth rather than LNG export are now taking priority for development of the field.
CEO Charles Davidson said: "The emergence of these regional markets, which are accessible through pipeline outlet, has pushed the need for LNG into a later phase of development versus our earlier plans."
Bids to export to Palestine, Cyprus, and Turkey are currently underway.