The Gaza gas field, or Marin field, was discovered by British Gas in 1999, and it is a limited field compared to international standards for gas fields,
with a reserve of one trillion cubic feet, located 30 km from the coast, and the cost of its development and operation is about 2 billion dollars, over 12 years, which is the life span of the field’s investment.
According to economists, estimates of the market value of natural gas reserves in the field range from 7-8 billion dollars, but this amount may increase or decrease depending on World gas prices over the next 12 years.
It is noteworthy that the Palestinian Authority and Egypt signed in 2021 a memorandum of understanding on the development of the offshore gas field in Gaza, and talks have been underway for 20 months with the Egyptian Natural Gas Holding Company EGAS to enter as a global partner developer and operator of the field, noting that the international developer will not exceed a maximum of 45% share in the development company.
What can be concluded for any observer is that there are arrangements in coordination with the national authority that the Egyptians have already made with both Israel and Hamas to actually start extracting gas without hindrance.
The Marin field is not the only one discovered off the Gaza Strip, as there is a common field between the southern maritime borders of the occupying state and the Northern Sea of the Gaza Strip,
and it was discovered in 2000, Israel exploited this field to provide gas supplies to its power plants since 2004, until it caused it to dry up completely in 2010.
There is the NOA field, which was discovered in 1999.Israel and the Gaza Strip share its geological structure and extends to the depths of the Strip’s maritime borders.
Israel began producing gas from it in 2012, and its gas reserves are estimated at about 3 trillion cubic feet. in addition, the Central Region Field was discovered in 2014. there are no practical data on the size of the reserves in it.
Meanwhile, attention is turning to the north, where Israel and Lebanon are engaged in difficult negotiating rounds mediated by the United States over the “Karish gas” field, and to the west, Egypt is discovering gas in one field after another off its coast, which means that the Palestinian coast in general is a promising area in terms of natural gas, if the political opportunity arises and the will of interests converges.