Israel Gives Preliminary Approval for Gaza Marine Gas Development

SEATTLE (Oil Monster): The Israel government has given preliminary approval for the development of gas field off the Gaza strip. The successful conclusion of the agreement would provide significant boost to the Palestinian economy. Incidentally, the Gaza Marine has estimated natural gas resources of over 1 trillion cubic feet.

The Prime Minister’s office stated that the progress on the proposal would hinge on “preserving the State of Israel’s security and diplomatic needs.” The project, located 36 kilometres from the Gaza Coast, falls within the framework of the ongoing negotiations between Israel, Egypt and the Palestinian Authority, it added.

The development of the Gaza marine field and preparation for gas extraction has been a main topic of discussion in the mediation talks between Israel and the Palestinian Authority held under U.S. mediation. As per media reports, Israeli authorities have been holding secret talks with Palestinian authorities with regards to marine gas filed development off Gaza strip in the past several months.

As per preliminary indications, the natural gas production in the offshore field will be facilitated by an Egyptian company.

The final agreement will also include an understanding with Hamas, whose official has already declared its stand that the people in Gaza have the rights to their natural resources.