GAZA MARINE PROJECT
The Gaza Marine Project is a strategically important offshore gas development located approximately 40 kilometers off the coast of the Gaza Strip, within the Palestinian Authority’s economic waters in the Eastern Mediterranean. The field holds an estimated 1 trillion cubic feet (Tcf) of recoverable natural gas and is being developed by a consortium of Sponsors, in cooperation with EGAS (Egyptian Natural Gas Holding Company), the Palestinian Authority, and the current license holders.
The project’s development concept involves the drilling of six subsea production wells, which will be tied back to a Pipeline End Manifold (PLEM) on the seabed. From there, a 50-kilometer multiphase subsea pipeline will transport the gas to Egypt, where it will be processed and integrated into the Egyptian National Gas Grid. This cross-border infrastructure approach leverages Egypt’s existing gas processing and distribution capabilities, while also providing a critical energy resource to the Palestinian Authority.
The total development cost is currently estimated at USD 1.3 billion, based on pre-Front End Engineering Design (pre-FEED) studies.
While the project experienced a slowdown in activity following the regional events of October 2023, the strategic importance of Gaza Marine has only grown. The parties involved have continued to advance technical and commercial preparations to ensure the project remains ready for reactivation once regional conditions stabilize. This includes ongoing subsurface analysis, engineering design work, and stakeholder coordination.
The Gaza Marine Project is expected to play a vital role in regional energy security and economic development. It offers a rare opportunity to deliver tangible economic benefits to the Palestinian people, while also reinforcing Egypt’s position as a regional energy hub. Once reactivated, the project is anticipated to move swiftly through FEED, final investment decision (FID), and into execution, with first gas expected approximately three years post-FID.