The Israeli Prime Minister’s office announced on Sunday that they will work with Egypt and the Palestinian Authority to develop the Gaza Marine gas field.
The decision “emphasized Palestinian economic development and maintaining regional security stability,” the statement read.
Egyptian Natural Gas Holding Company (EGAS) is expected to build the field about 30 km from Gaza’s shores, which is estimated to hold more than 1 trillion cubic feet of natural gas.
Israel, Egypt, and the PA revived talks on developing the gas field after Russia invaded Ukraine last year and Europeans began looking for alternatives to Russian energy.
The three parties announced the project in October and it was estimated to cost $1.4 billion. It would allow for gas production early next year, according to The Washington Post.
Last year, Palestinian Energy and National Resources Authority chairman Zafer Milhem told The Washington Post that Gaza’s gas field is “a pillar to improving [Ramallah’s] fiscal plans.”