Palestinian Administration, Israel Discuss Developing Gaza Marine Gas Field.
Palestinian Administration (PA) is in talks with Israel for permission to develop natural gas off the coast of the Gaza Strip.
“Development of the Gaza Marine gas field will generate revenues that could contribute dramatically to Palestinian fiscal sustainability,” the Israeili foreign ministry said in a report published on its website.
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.
Blair's spokeswoman Ruti Winterstein said he secured Israeli Prime Minister Benjamin Netanyahu's approval in February for the negotiations and they had taken place over recent weeks, Reuters reported .
"The (gas) field itself will take around three or four years to develop," she said, adding talks were at a preliminary stage.
Two private partners, Consolidated Contractors Company (CCC) and BG Group, would develop the gas field "and hand over the royalties and the taxes to the PA under the supervision of Prime Minister Fayyad," Winterstein said, Reuters added.