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Tuesday, May 29, 2007

Israel To Buy West Bank Gas

It looks like a British company has discovered some gas off the coast of the Gaza strip.

Although nothing has yet been finalized yet, BG Group is in the process of getting agreements between both Israel and the PA as this find could not only help ease Israel's energy strain, but help bring the West Bank out of its current poverty.

(Globes Online) BG Group (NYSE: BRG; LSE: BG) is poised to sign a $4 billion 15-year contract deal to supply Palestinian gas to Israel from a discovery off the Gaza coastline, London daily "The Times" reported yesterday.

"The Times" added that the contract "will provide 10% of Israel’s annual energy requirement, and the Palestinians would receive total royalties of $1 billion. The Gaza field, it said, "holds one trillion cubic feet of gas, the equivalent of 150 million barrels of oil, equivalent to a large North Sea field."

Of course, the current situation in the region has to "tone down" a bit, but this discovery may convince both sides to cool their jets enough to work out an economic deal.

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