Discovered in 2000, there are extensive gas reserves off the Gaza coastline: “It should be noted that 60 percent of the gas reserves along the Gaza-Israel coastline belong to Palestine. The BG Group drilled two wells in 2000: Gaza Marine-1 and Gaza Marine-2. Reserves are estimated by British Gas to be of the order of 1.4 trillion cubic feet, valued at approximately 4 billion dollars.
These are the figures made public by British Gas. The size of Palestine’s gas reserves could be much larger.
Who Owns the Gas Fields?
The issue of sovereignty over Gaza’s gas fields is crucial. From a legal standpoint, the gas reserves belong to Palestine. The death of Yasser Arafat, the election of the Hamas government and the ruin of the Palestinian Authority have enabled Israel to establish de facto control over Gaza’s offshore gas reserves.
British Gas (BG Group) has been dealing with the Tel Aviv government. In turn, the Hamas government has been bypassed in regards to exploration and development rights over the gas fields.
In 2006, British Gas “was close to signing a deal to pump the gas to Egypt.” (Times, May, 23, 2007). According to reports, British Prime Minister Tony Blair intervened on behalf of Israel with a view to shunting the agreement with Egypt.
Gaza and Energy Geopolitics
The military occupation of Gaza is intent upon transferring the sovereignty of the gas fields to Israel in violation of international law.”