Woodside Petroleum Ltd. (WPL) , Australia’s second-largest oil producer, plans to buy a quarter of Israel ’s biggest natural gas field under a revised agreement for as much as $2.6 billion as demand rises in the Middle East . Woodside agreed to pay Noble Energy Inc. (NBL) and its venture partners an initial $850 million when the deal is completed, due by the end of next month, the Perth-based company said today in a statement. The stake is smaller than the 30 percent negotiated in December 2012, worth as much as $2.3 billion, though the size of the resource estimate has risen to 18.9 trillion cubic feet of natural gas from 17 trillion cubic feet. A deal would put Woodside in the middle of Israel’s nascent natural gas industry as the company’s proposed projects in Australia face delays. Woodside’s original agreement in December 2012 was held up because of […]