Shell Eyes Exit from Gaza

Shell has not yet sold its interest in Gaza Marine, it told NGW March 7, while confirming it has "been in discussions with various parties about the future of the Gaza Marine project."

However, "as of now, Shell continues to holds its equity in the Gaza Marine asset,” the supermajor added.

Reuters had reported March 5 that the asset was now in the hands of the Palestinians, the only other partner, who were quoted saying that Shell had given up on the project and they were looking for another partner.

The eastern Mediterranean asset, offshore the Palestinian Gaza Strip, came with the BG portfolio that Shell acquired in 2016. It was not developed as BG had other, politically easier projects to work on. The 25-year licence was awarded in 1999 to BG, then partnered by Palestinian-owned contractor Consolidated Construction Company, plus the still remaining Palestinian Investment Fund. The following year BG announced a gas discovery.