Israel and Palestinians mull developing Gaza gas

Israel has agreed to open talks with the Palestinian Authority on the Marine natural gas field offshore from Gaza.

Israel has agreed to open talks with the Palestinian Authority to develop and operate the Marine natural gas field offshore from Gaza, according to an official Israeli report. If that is the case, this is a major development for the Palestinian natural gas market and economy.

The government report to donor countries entitled "Measures Taken by Israel in Support of Developing the Palestinian Economy and Socio-Economic Structure" states, "After discussions between PM Netanyahu and Mr. Blair, following an approach by the Palestinian Authority, Israel confirmed its intention to engage in a meaningful discussion with the aim of developing the Gaza Marine gas field. In this context, official letters were submitted and meetings took place between Israeli representatives and the Palestinian leadership."

The Marine gas field was discovered more than a decade ago by BG Group plc (LSE; NYSE: BG), after then-Prime Minister Ehud Barak allowed drilling offshore from Gaza without Israeli participation (against professional recommendations).

Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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