Palestinians seek $150 million for gas field

Published June 18th, 2001 - 02:00 GMT

At least $150 million is needed to develop a natural gas field discovered off the coast Gaza shore, Dr. Abdul Rahman Hamad, head of the Palestinian Energy Authority, told the Israeli financial daily . The figure includes the amount required to bcouild a terminal and pipelines from the wells to the shore. 

 

The Palestinian Authority, he added, was trying to convince British Gas to make the necessary investment for developing the field, but in order to do so, it had to prove that it had viable markets or internal demand. 

 

British Gas sank the first well at the site in September 2000, and added a second well in December 2000. 

 

According to Hamad, preliminary studies have shown that 200 million square feet of gas could be commercially produced every day in the Gaza gas field.  

 

Hamad added that the Palestinians were examining the possible use of Egyptian infrastructure for distributing the gas. The Egyptians recently announced that they would be building a pipeline from El Arish, several kilometers to the south of Gaza, to Aqaba in Jordan, and from then on to Syria and Lebanon. – (MENA Report) 

 

© 2001 Mena Report (www.menareport.com)


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