BG Group Plc pulls out of negotiations for Gaza gas drilling

The British natural gas company BG Group Plc pulled out of negotiations on the controversial plans to drill for natural gas in the Gaza Marine field, a British Gas spokesman told The Jerusalem Post Thursday. According to the plan, BG was meant to drill for natural gas 36 kilometers off of the Gaza coast, in an area that was designated as PA territory following the Oslo Accords. The gas was meant to then flow four km underwater in a pipeline 850 meters below the surface to an Ashkelon refinery. The field, which BG purchased in 2000 and to which Hamas now claims rightful ownership, contains 1 trillion cubic feet of natural gas worth an estimated $4 billion.