Minister of Petroleum and Mineral Resources Tarek El Molla announced that the final agreement for developing the Palestinian “Gaza Marine” field will be signed between Egyptian Natural Gas Holding Company (EGAS) and the Palestinian government before the end of Q1 2023, El Molla told Bloomberg Al-Sharq on the sidelines of Gas Exporting Countries Forum (GECF).

He added that there is a consortium of specialized companies will be formed under the umbrella of EGAS to develop this field as part of the economic marine area of Palestine. 

According to data reported by Bloomberg Al-Sharq, the field contains reserves worth 1 trillion cubic feet (tcf) of natural gas that can be produced in 10 – 12 years. 

The minister emphasized also the key role of the East Mediterranean Gas Forum (EMGF) in reaching an agreement between Palestine and Israel regarding this field. 

He added that the natural gas that will come out after developing the field, will be sent to Egypt to be liquefied at its liquefied natural gas (LNG) facilities then its revenues will be transferred to Palestine in coordination with the Israeli side.