In a report released on Sunday, fresh talks have been held between Palestine and Israel over the development of a gas field off the coast of the Gaza Strip. In the report which will be submitted to a New York gathering of donors to the Palestinian Authority cites that the “development of the Gaza Marine gas field will generate revenues that could contribute dramatically to Palestinian fiscal sustainability.”
An Israeli official who wants to remain anonymous claimed that the Jewish state was eager to see work begin on the gas field. He went on say that they are ready for the project to begin because from they think “this could be a big gain for the Palestinian Authority, and Israel’s willing to move ahead on this quickly.” Principles have also been agreed upon by the both sides.
Although the report states that the Palestinian Authority approached Israel for discussions over the Gaza Marine gas field, when and where they were held were never mentioned and it still remains unclear if negotiations are going on.
The development project of the field has been blocked for years despite international interest in exploiting the field. Although British Gas and the Consolidated Contractors Company group were awarded exploration rights by the Palestinian Authority in 1999, objections from Israel and various disputes have led to a standstill.
In 2007, British Gas ended negotiations with Israel on the sale of Gaza Marine gas to the Jewish state, and subsequently closed its office in Israel. In 200, It drilled two wells in the area and estimated resources at a trillion cubic feet.