Israel has proposed a new plan that will involve the US-based Noble Energy and Israel’s Delek Group keeping control of the Leviathan offshore project.

Israel Energy Minister Yuval Steinitz told a news conference in Jerusalem that the new plan outlined for the country’s natural gas sector would leave Leviathan in the control of a US-Israeli consortium.

At present, Noble Energy and Delek Group own a number of newfound gas fields.

"We have to get the gas out of the sea and we will do everything to end the delays that have cost us heavy losses."

In the second large field, Tamar Delek will be given a time frame of six years to sell its entire stake, while Noble has to cut its stake in the field to 25% from the existing 36% under the new proposal.

As part of the proposed offshore guidelines, both companies will also be compelled to sell two smaller fields, Tanin and Karish within a 14 month period.

Israel’s proposed plan still needs to secure the approval from Israeli parliament Knesset.

Bloomberg quoted Steinitz saying: "We have to get the gas out of the sea and we will do everything to end the delays that have cost us heavy losses.

"The framework we have reached is the best one possible that will bring about the development of the key gas fields of Israel quickly."

The Leviathan filed development is expected to be delayed to at most 2019, from the planned 2018 target.

The Leviathan gas field is located in the Mediterranean Sea off the coast of Israel and roughly 130km west of Haifa in waters 1,500m deep in the Levantine basin.