Israel Approves Development of Gas Field off the Coast of the Gaza Strip
Israel approved the development of the Gaza Marine natural gas field off the coast of the Gaza Strip in coordination with the Egyptian authorities and the Palestinian National Authority (PNA), the decision was announced at a Sunday meeting of the Israeli Cabinet.
“The decision was made as part of the negotiation process between the State of Israel, Egypt and the Palestinian Authority, with an emphasis on the development of the Palestinian economy and ensuring regional security. The implementation of the project depends on the interaction of security systems and direct dialogue with Egypt in coordination with the Palestinian Authority, as well as on the completion of work inter-ministerial headquarters under the leadership of the National Security Council,” the Israeli Prime Minister’s Office said in a statement.
Israeli media note that the implementation of the project to develop the Gaza Marine field will bring billions of shekels to the PNA budget.
The Gaza Marine field was discovered in 2000 and hailed by Palestinian leader Yasser Arafat as a “gift from God” the day before he launched the second intifada (Palestinian uprising) against Israel. Due to the ongoing conflict, the deposit remained untouched for more than two decades. Israel, Egypt and the PNA have resumed negotiations to develop the gas field in 2022.
The gas field, which is about 20 miles off the coast of Gaza, is estimated to contain over 30 billion cubic meters of natural gas. It is expected that the Egyptian state energy company EGAS will directly develop the field. It is expected that the gas reserves in the field are more than sufficient for the needs of Palestine, and thus the issue of exporting gas abroad will be considered.
