Natural Resources Development
The Palestinian Natural Gas field, Gaza Marine, is located in Palestinian maritime zones and includes an estimated reserve of 1 trillion cubic feet (TCF) of Natural Gas, approximately 32 billion cubic meters (BCM). The gas field was discovered in 1999 by British Gas (BG) following a seismic survey and the drilling of two exploration wells. The development of Gaza Marine is a considered a central pillar of Palestine’s energy security towards the path to self-sufficiency in power generation, providing a relative degree of energy independence, lessening dependence on imported energy sources and significantly reducing the current trade deficit. The project will be developed to fulfill the domestic market needs for natural gas that enable large scale power generation programs in Palestine.
Gaza Marine will enable the supply of natural gas to two domestic power plants: the existing Gaza power plant with a capacity of 140 MW and is currently being considered for capacity expansion to 280 MW, and the PPGC Jenin power plant with a capacity of 450 MW. Gaza Marine development costs are estimated at $ 1.2 billion.
Gaza Marine Drilling Rig