The Gaza Marine license covers the entire marine area offshore of Gaza. The license was granted by the Palestinian National Authority in 1999 to British Gas (BG) and CC Oil & Gas. BG was appointed as operator of the license area.
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.
