Israel gave preliminary approval for the development of a gas field off the Gaza Strip on Sunday—a move that would be a boost for the cash-strapped Palestinian economy.
Israel, however added, that the approval would require security coordination with the Palestinian Authority and neighbouring Egypt.
Announcing the move on the Gaza Marine project, Prime Minister Benjamin Netanyahu’s office said progress would hinge on “preserving the State of Israel’s security and diplomatic needs”.
While Egypt and Israel have been producing gas in the eastern Mediterranean for years, the Gaza Marine field, about 30 kms off the Gaza coast, has remained undeveloped due to political disputes and conflict with Israel, as well as economic factors.
Gaza Marine is estimated to hold over 1 trillion cubic feet of natural gas, much more than is needed to power the Palestinian territories and some of which could potentially be exported.