Shell divests its interest in Gaza Marine
Anglo-Dutch oil giant sells off its majority stake in gas field located offshore of the Gaza Strip.
Royal Dutch Shell, through its affiliate BG Great Britain, has reached an agreement with the Palestine Investment Fund (PIF) to divest its entire interest and operatorship in the Gaza Marine licence offshore Palestine.
This deal is consistent with Shell’s current strategy to “high-grade and simplify” its portfolio. It helps to concentrate our upstream footprint where we can be most competitive and build our world-class investment case. Government and partner consents have been obtained. The equity has been transferred to the PIF at the signing of the sale and purchase agreement.
The Gaza Marine gas field was discovered in 2000 and lies around 36 kilometres off the coast of the Gaza Strip. Shell’s interest in the field was 90%, while the licence constituted the supermajor’s only venture in Palestine.
At present, Gaza Marine is undeveloped although, potentially, it could provide a significant amount of the Palestinian territories’ power needs as well as offer further opportunities for export.