Palestine develops a large gas field

[The SC]

The Palestine Investment Fund (PIF) said in a statement on Wednesday that a new alliance involving the fund would replace Shell in the natural gas field of Gaza Marin, in which 45 per cent would be allocated to a developed international company.

The statement added that the new alliance "consists of the Palestinian Investment Fund and the CCC (Union of Contractors) by 27.5 per cent each ... and the allocation of 45 per cent of the global company is developed and approved by the Palestinian Council of Ministers.

Shell had a 55 per cent stake in the field, which is located some 30 kilometers off the coast of Gaza with an estimated 1 trillion cubic feet of gas, while the Palestine Investment Fund held 17.5 per cent before the new arrangements.

The Fund, the investment arm of the Palestinian Authority, said in its statement today that "an agreement was reached with Shell on its exit from the license to develop the natural gas field" under the new arrangements.

He added that the project "will work to meet the needs of the Palestinian market of natural gas, including the supply of power plants in Gaza and Jenin natural gas, and may make Palestine a source of energy for neighboring Arab countries.

The gas field has long been seen as a golden opportunity for the struggling Palestinian Authority to join the beneficiaries of the Mediterranean gas boom, providing it with a major source of income to reduce its dependence on foreign aid.

https://aawsat.com/home/article/1227021/فلسطين-تطور-حقل-غاز-ضخماً

 

[Divergent]

Very positive

 

[Skies]

Hope it will ease their life.

 

[Ceylal]

Since when? Fishermen can’t even venture 100 yards from Gaza’s shore...I can’t see a sea platform anchored and operating , unless it is Israeli..
When will Egypt start drilling her gas deposits? The Natanyahu oil and gas authority hasn’t given the ok?

 

[Gomig-21]

Shell had a 55 per cent stake in the field, which is located some 30 kilometers off the coast of Gaza with an estimated 1 trillion cubic feet of gas, while the Palestine Investment Fund held 17.5 per cent before the new arrangements.

There was talk of this several months ago which is why I asked @Falcon29 if he had heard anything about any kind of gas exploration on Gaza's waters in the Arabic Coffee thread.

The Israeli occupation obviously makes it harder, but if they have the inclination to block any of it, it's in their interests to let the Palestinians do their thing in their own waters.

 

[dani191]

There was talk of this several months ago which is why I asked @Falcon29 if he had heard anything about any kind of gas exploration on Gaza's waters in the Arabic Coffee thread.

The Israeli occupation obviously makes it harder, but if they have the inclination to block any of it, it's in their interests to let the Palestinians do their thing in their own waters.

they invest in teror what can we do?

 

[Falcon29]

There was talk of this several months ago which is why I asked @Falcon29 if he had heard anything about any kind of gas exploration on Gaza's waters in the Arabic Coffee thread.

The Israeli occupation obviously makes it harder, but if they have the inclination to block any of it, it's in their interests to let the Palestinians do their thing in their own waters.

Seems like there is no timeline of when they will begin developing the natural gas, I personally believe it would be better suited to do so following a peace deal.

Is Egypt developing its own gas or are foreign companies doing so? Maybe Egypt can play a role in future, who knows ....

 

[The SC]

Seems like there is no timeline of when they will begin developing the natural gas, I personally believe it would be better suited to do so following a peace deal.

Is Egypt developing its own gas or are foreign companies doing so? Maybe Egypt can play a role in future, who knows ....

There are always foreign companies involved, this needs huge investments..