Using 3D seismic, the Gaza Marine prospect was identified in the offshore Levant Basin, in the eastern Mediterranean approximately 35 km offshore from Gaza. The Gaza Marine-1 (GM-1) exploration well was drilled in September 2000 at a water depth of 603 meters, 36 km west of Gaza City. This well discovered gas in commercial quantities and tested at tubing constrained rates of up to 37 mmscf/d. The discovery was appraised by the Gaza Marine-2 (GM-2) well, located approximately 5 km southwest of GM-1, at a water depth of 535 meters. Reserves were estimated in excess of 1 trillion cubic feet.

Following Shell’s acquisition of BG, CC Oil & Gas and the Palestinian Investment Fund acquired Shell's working interest in the asset, with each party now owning 50%. Parties are currently discussing potential development options.