Page 7 - GLNG Week 43 2022
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GLNG AFRICA GLNG
Egyptian, Palestinian
companies to exploit Gaza
Marine natural gas field
EXPLORATOIN EGYPT and the Palestinian Authority are on the Gaza Marine is located 22 km offshore Gaza
verge of finalising the agreement to develop Gaza and contains estimated reserves of 1 trillion
Marine natural gas field by the first quarter (Jan- cubic feet (28.3bn cubic metres) of natural gas
uary-March) of 2023 located in offshore Gaza, with an expected lifetime production cycle of
Egyptian Petroleum Minister Tarek El Molla was 10-12 years. Developers of the field plan to pump
quoted by Bloomberg El Shark as saying. natural gas to Egypt via pipeline to be trans-
A new joint venture to develop the field is in formed to liquefied natural gas (LNG) at existing
the works with the sovereign Palestinian Invest- LNG facilities for export. Revenues generated
ment Fund and United Contractors taking up from operating the field will be transferred to
55% of the equity and with the remaining 45% the Palestinian Authority in co-ordination with
being owned by state-owned Egyptian Natural Israel.
Gas Holding Company (EGAS), who will be the
operator of the field.
Week 43 27•October•2022 www. NEWSBASE .com P7
