Israel will begin talks with Egypt and the Palestinian Authority to begin the planning stages to develop the Gaza Marine gas field, the Prime Minister’s Office announced on Sunday. 

The gas field currently sits across from the Gaza Strip, which is currently controlled by Hamas, an Iranian backed terror group. 

A statement from the Prime Minister's office said that the project would have an "emphasis on Palestinian economic development and maintaining security stability in the region."

"Implementing the project is subject to coordination between the security services and direct dialogue with Egypt, in coordination with the PA," the statement added.

The gas field, which sits just about 20 miles off the Gazan coast, is estimated to hold more than 1 trillion cubic feet of natural gas. Government owned Egyptian gas company EGAS is expected to be tasked with developing the field. 

The Gaza Marine gas area was discovered in 2000 and hailed by former Palestinian leader Yasser Arafat as a "gift from God," just one day before he launched the Second Intifada against Israel. 

Due to the ongoing conflict between Israel and the Palestinian enclave, the gas has remained untouched since its discovery over 20 years go. 

The decision by Israel, Egypt, and the PA to begin talks on the gas field was revived following Russia's invasion of Ukraine and Europe's need for alternative energy sources. It is expected that the amount of gas at the field is more than sufficient for the Palestinian territories and would be allowed to be exported abroad.

Despite not being in official talks on the project, Hamas is expected to unofficially sign off on any agreement to avoid the possibility of the threats of missile strikes on the new gas field once work begins. 

Operation of the site will also begin only after completion of the work of the interministerial staff headed by the Israeli National Security Staff, which is designed to safeguard Israel's security and political interests in this matter.

Israel's doctrine of peace for economic development, introduced by the previous government, has also led the Jewish state to grant more work permits to Palestinians over the past year.