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Israel/Palestine conflict and natural gas resources

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posted on May, 23 2007 @ 04:52 PM
Could access to Palestinian-controlled energy resources be at the heart of the internal conflict?

BG Group in talks over Gaza Strip gas deal
"..Oil and gas firm BG Group said today it remained in talks over a potential deal to supply Palestinian gas to Israel.

According to the Times newspaper in England, BG Group is poised to agree the terms of an historic $4bn (€2.97bn) 15-year contract to supply Israel with gas farmed from off the Gaza strip.

BG, formerly part of British Gas, confirmed it was still in talks regarding a possible deal but warned that any deal depended on agreements being reached between the Israeli and Palestinian governments.."

Massive natural gas reserves off the coast of Gaza that have been granted Palestinian ownership and could net the beleagered territories enough income to lift the population out of poverty. Although Israel would never stand by and allow any political organisation to hold power except by their granting to maintain security of supply of these resources

Hamas holding 'Israeli' gas reserves hostage
"..Estimated at 100 billion cubic meters of proven reserves, these discoveries potentially offer enough gas to meet Israel's goal of supplying 25% of its energy needs for more than 20 years - even without further imports [3]. The discovery has also raised realistic expectations of locating oil deposits beneath the gas fields.

Unfortunately for Israel, 60% of these reserves are in waters controlled by the Palestinian Authority, which has signed a 25-year contract with British Gas for further exploration in the area. Since this discovery, Israel has proceeded with the development of its reserves with the US-Israeli company Yam Tethys, but has been faced with an obvious dilemma over the Palestinian deposits.."

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