Israel has approved a revised deal that will speed up development of the Leviathan offshore natural gas field.

The Supreme Court had blocked a previous agreement, under which the state was bound to not increase taxes, export quotas or other regulation over a ten-year period.

Israel’s Energy Minister Yuval Steinitz was quoted by Reuters as saying that the new deal will offer more flexibility and stability for industry partners in the Leviathan offshore project.

"The new deal will offer more flexibility and stability for industry partners in the Leviathan offshore project."

Texas-based Noble Energy and Israel’s Delek Group are partnering in the offshore project.

The latest deal was approved at a cabinet meeting last week, and is expected to address the court’s concerns about the project.

Israel has discovered offshore assets in the eastern Mediterranean region during the past decade.