Egypt, the Palestinian Authority (PA) and Israel have agreed to develop the Palestinian gas field off the coast of Gaza, Israeli Public Broadcaster Kan revealed yesterday.
The profits from the gas field will go back to the PA and Israel, with Egypt mediating between the parties in an effort to improve the financial situation of the PA.
British Gas was assigned to drill for gas off Gaza shores in 1999 and one year later the company announced the discovery of Marin Gaza 2.
The gas field is located about 30 kilometres west of the Gaza coast. The BG Group terminated the contract in 2016 due to Israeli hurdles.
Last year, the Egyptian Natural Gas Holding Company (EGAS) began talking with the Palestine Investment Fund (PIF) and the Consolidated Contractors Company for Oil and Gas (CCC), an alliance of companies licensed to develop the field.
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