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BG seeking Middle-East gas deal UK firm seeks Mid-East gas deal
(about 9 hours later)
UK energy firm BG Group confirmed it is in talks to agree a deal to supply Palestinian gas to Israel. UK energy firm BG Group has confirmed it is in talks to agree a deal to supply Palestinian gas to Israel.
The former British Gas owner is set to meet a team of Israeli negotiators next week to work out a 15-year contract, according to a report in the Times. Previously part of British Gas, BG is set to meet Israeli negotiators next week to work out a 15-year contract, according to a report in the Times.
If a deal is reached it would enable BG to develop an offshore field, controlled by the Palestinian Authority, which it discovered in 2000. This would allow BG to develop a field, controlled by the Palestinian Authority, which it found in 2000 off the coast of the Gaza Strip.
Any agreement would represent a landmark in Middle East relations.Any agreement would represent a landmark in Middle East relations.
The gas field is located off the coast of the Gaza Strip
The project has been beset by problems since BG discovered the field, which it says contains one trillion cubic feet of gas, with Israel previously vowing never to buy gas from its neighbour.The project has been beset by problems since BG discovered the field, which it says contains one trillion cubic feet of gas, with Israel previously vowing never to buy gas from its neighbour.
However, according to the Times, BG is now hoping to sign a £2bn ($4bn) deal for a 15-year gas supply contract with the country. The Palestinian Authority would receive $1bn in royalties.However, according to the Times, BG is now hoping to sign a £2bn ($4bn) deal for a 15-year gas supply contract with the country. The Palestinian Authority would receive $1bn in royalties.
Under the proposals, BG would transport gas from the Gaza Marine field through an undersea pipeline to the port of Ashkelon.Under the proposals, BG would transport gas from the Gaza Marine field through an undersea pipeline to the port of Ashkelon.