Israel set to open talks with PA over Gaza natural gas fields

( Israel has agreed to hold new talks with the Palestinian Authority (PA) over the development of a natural gas field off the coast of Gaza, an Israeli Foreign Ministry report released Sunday said.

The field is estimated to hold 1.4 trillion cubic feet of natural gas. It was first discovered over a decade ago by British Gas after authorization by then-prime minister Ehud Barak, but has remained untouched since, Ma’ariv reported.

“Development of the Gaza Marine gas field will generate revenues that could contribute dramatically to Palestinian fiscal sustainability,” the report says.

However, it is unclear how Israel and the PA would go forward with the development of the field off the coast of Hamas-controlled Gaza, given that Hamas is a terrorist organization.

Posted on September 24, 2012 .