Egypt is aiming to take over development of Gaza's offshore natural gas field, Egyptian and Palestinian officials said, in what would be a boost for the cash-strapped Palestinian economy.
While Egypt and Israel have been producing gas in the eastern Mediterranean for years, the Gaza Marine field, about 30 km (20 miles) off the Gaza coast, has remained undeveloped due to political disputes and conflict with Israel, as well as economic factors.
The project was last in the hands of oil major Shell, which gave up its stake in 2018. The Palestinians have been looking for a new foreign group to take over. Palestinian companies would keep at least 55% of the shares, according to a cabinet decision at the time.