#gaza marine offshore field

[news4dzhozhar]

[zvaigzdelasas]

Egypt is aiming to take over development of Gaza's offshore natural gas field, Egyptian and Palestinian officials said, in what would be a boost for the cash-strapped Palestinian economy.

While Egypt and Israel have been producing gas in the eastern Mediterranean for years, the Gaza Marine field, about 30 km (20 miles) off the Gaza coast, has remained undeveloped [...]

The project was last in the hands of oil major Shell (SHEL.L), which gave up its stake in 2018. The Palestinians have been looking for a new foreign group to take over. Palestinian companies would keep at least 55% of the shares, according to a cabinet decision at the time.

Egypt’s state-owned gas company EGAS began talks last year with the Palestine Investment Fund PIF and the Consolidated Contractors Company CCC, a coalition of companies that are licensed to develop the field, officials said.[...]

The Egyptian security official, who asked not to be named, said Cairo has been in negotiations for about two months with Israel, which together with Egypt maintains a blockade on Gaza and would likely have to green light the project.[...]

Gaza Marine is estimated to hold over 1 trillion cubic feet of natural gas, much more than is needed to power the Palestinian territories and could potentially be exported.

12 Oct 22

[tdshay]

Energean ready to take Gaza Marine gas field stake if Israel,…

Greek oil and gas company Energean is ready to buy and operate a 45 percent stake in the offshore gas field as soon as both the Israeli and Palestinian authorities give their green light, its Chief Executive said.

Source: Energean ready to take Gaza Marine gas field stake if Israel,…

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