The Palestinian Authority will sign an agreement to develop the Gaza Marine offshore natural gas field with Egypt “within five days” at the latest, Dhafer Melhem, President of the Palestinian Energy and Natural Resources Authority, told Asharq Business.

A source familiar with the development file of the Palestinian gas field Gaza Marine revealed that the Egyptian Consortium, consisting of the Egyptian Natural Gas Holding Company (EGAS) and some private sector companies, decided to accelerate the development of the field in agreement with the Palestinian Authority, to begin next October instead of the first quarter of 2024, according to CNN Business Arabia.

The Gaza Marine field, located about 30 kilometers from the Gaza coast between the giant Leviathan and Zohr gas fields, contains more than one trillion cubic feet of natural gas, an amount much larger than the needs of the Palestinian territories, according to data from companies working in the gas sector.

The Egyptian consortium owns the right to operate and manage the Gaza Marine field, with a 45% share, where 4.5% goes to EGAS and 40.5% for the rest of the consortium companies.