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Greek energy company is negotiating with Palestinians to develop Gaza’s Natural Gas Fields

Energean, the Green energy company that is developing Israel’s offshore Karish and Tanin oil fields, is negotiating with the Palestinian Authority to develop fields offshore the Gaza Strip, sources in the local energy industry told TheMarker on Sunday.

The sources said that the discussions have revolved around the commercial aspects of Energean’s taking over development of the fields after Royal Dutch Shell said in March it was giving up its stake in the undeveloped license.

Energean declined to comment. “Developing Karish and exploring the blocks adjacent to it are our highest priorities. We avoid commenting on rumors concerning our operations and when there is something to announce we will do so officially,” the company said.

Located about 30 kilometers off the Gaza coast, Gaza Marine has long been seen as a golden opportunity for the cash-strapped Palestinian Authority to join the Mediterranean gas bonanza, providing a major source of income to reduce its reliance on foreign aid.

However, no work advanced on the field amid repeated wars with Israel, the blockade and ongoing rivalry between Hamas and the PA over control of Gaza. Shell had been struggling to find a buyer for its 55% stake in Gaza Marine, which it took over as part of its acquisition of BG Group in 2016. Source: Haaretz.

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