Israel has announced its collaboration with Egypt and the Palestinian Authority to develop the Gaza Marine gas field, focusing on Palestinian economic development and regional security stability, according to The Jerusalem Post.
Israel has revealed its collaboration with Egypt and the Palestinian Authority to collectively develop the Gaza Marine gas field, The Jerusalem Post informed.
EGAS, an Egyptian government-owned gas company, is expected to oversee the development of the field located around 30 km off the coast of Gaza, holding over 1 trillion cubic feet of natural gas, The Jerusalem Post said.
It would provide an opportunity for gas exports from Gaza and the Palestinian, controlled areas of the West Bank and to support Palestinian economic development and ensure stability in the region, The Jerusalem Post announced.
The decision comes from revived talks after Russia’s invasion of Ukraine and Europe’s search for alternative energy sources, The Jerusalem Post added.
The project, estimated to cost $1.4 billion, is anticipated to enable gas production in early 2023, potentially offering financial relief for the cash-strapped Palestinian Authority, The Jerusalem Post explained.
While Hamas was not directly involved in the negotiations, its implicit agreement would likely be necessary for the project’s progress, The Jerusalem Post reported.
Miroslava Salazar with The Jerusalem Post
