Shell sells entire interest in offshore Gaza nat gas field

Royal Dutch Shell says it has reached an agreement with the Palestine Investment Fund to sell its entire stake in the Gaza Marine natural gas field offshore Palestine; financial terms are not disclosed.

Shell says the asset sale is part of its plan to simplify and improve the quality of its portfolio.

Palestinian authorities say the development of Gaza Marine will allow Palestine to become an energy exporter.

The Palestinian Authority will look for an IOC to take a 45% stake in the development of the Gaza Marine gas field now Shell has left the project.