The Palestinian Authority ratified a framework agreement yesterday to develop the Gaza Marine gas field with Egyptian companies.
"We have ratified the framework agreement for the [Gaza Marine] gas field concluded between the Palestinian Investment Fund and the consortium of Egyptian investment companies," explained the PA. "The subsequent detailed agreements will be presented later to the Palestinian Council of Ministers."
Earlier this month, the PA announced the formation of a ministerial committee to follow up with the investment fund on concluding an agreement with Egypt to finance and operate the Palestinian gas field off the Gaza Strip. In February 2021, the fund, the Consolidated Contractors Company (CCC) and the Egyptian EGAS signed an agreement to develop the field and the necessary infrastructure to provide Palestine's needs for natural gas.
Located 36 kilometres west of Gaza, the Gaza Marine field is believed to contain about 1.1 trillion cubic feet of natural gas. This is equivalent to a production capacity of 1.5 billion cubic metres annually for a period of 20 years.
READ: Palestine-Egypt agree to develop a gas field in Gaza