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About a year ago, The Jerusalem Post reported that Israel and UK-based BG Group, one of the world's largest purveyors of natural gas, broke off talks concerning the possible sale of the natural gas contained in the Gaza Marine gas field, an area about 36 kilometers off of the Gaza coast.
In 1999, after paying the Palestinian Authority an undisclosed sum, BG, along with its partner, Consolidated Contractors Corporations, acquired the concession to survey for natural gas in 1,000 sq km off Gaza
Over the ensuring six and a half years, BG and officials from the Finance and National Infrastructures ministries tried to reach an agreement to pump the gas into Israel. But the two sides could not agree on the price.
Yet even before the talks broke off, the situation shifted dramatically in June 2007 when Hamas violently ousted Fatah from power in the Gaza Strip, claiming ownership of the gas fields off the coast and the proceeds from the sale of the gas.