The Palestinian natural gas field, "Gaza Marine," is located in the coastal areas of Palestine offshore Gaza. It contains reserves estimated at 1 trillion cubic feet of natural gas, or about 31 billion cubic meters. The field was discovered in 1999 by British Gas )BG(, and its development is considered a central pillar for energy security in Palestine. It contributes to achieving self-sufficiency in energy generation, reducing dependence on imported energy sources, and is estimated to cost around $1.4 billion to develop. Positive progress has been announced late last year in the ongoing talks with the Egyptian Natural Gas Company )EGAS(, which began after the signing of a memorandum of understanding between the Palestine Investment Fund, the Consolidated Contractors Oil and Gaza, and the Egyptian Natural Gas Holding Company )EGAS( in February 2021. These talks led to the signing of a framework agreement for the entry of an Egyptian consortium led by EGAS as a partner in the development coalition.
