đź’° Egypt oil min says framework agreement in place on Gaza Marine field

TL;DR

CAIRO, Oct 25 (Reuters) - Egypt's petroleum minister confirmed on Tuesday a framework agreement had been reached to develop the Gaza Marine gas field offshore Gaza and talks were under way to conclude a final deal.A Palestinian official, who asked not to be named, told Reuters an agreement on “basic conditions” had been reached but further talks on the technicalities and final approvals from the Palestinian Authority would be needed.Cairo has also been in contact with officials from the Palestinian Islamist group Hamas, which has run Gaza since 2007, over the gas field, according to a Palestinian official familiar with the issue.While Egypt and Israel have been producing gas in the eastern Mediterranean for years, the Gaza Marine field, about 30 km (20 miles) 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."

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