Egypt’s state-owned gas company, EGAS, is poised to ink an agreement with the Palestinian Authority to facilitate the development of Gaza’s offshore natural gas field, Gaza Marine. The agreement is expected to be finalized within the next five days, according to Zafer Milhem, Chairman of the Palestinian Energy and Natural Resources Authority.
Gaza Marine, situated approximately 30 kilometers (20 miles) off the Gaza coast, has remained untapped due to political disputes, tensions with Israel, and economic factors. It is estimated to hold over 1 trillion cubic feet of natural gas, surpassing the energy needs of the Palestinian territories, with the potential for exports abroad. This agreement represents a significant step towards unlocking the field’s potential for both domestic and international energy markets.
The Egyptian Ministry of Oil and EGAS have not provided an immediate response to a comment request. Zafer Milhem also clarified that neither an Israeli partner nor an operator would be involved in the process of extracting natural gas from the Gaza Marine field.
It’s worth noting that on June 18, Israeli authorities granted preliminary approval for the development of the Gaza Marine field, contingent on security coordination with the Palestinian Authority and neighboring Egypt.
