The unrealized potential of Palestinian oil and gas reserves
28 August 2019
Oil and natural gas resources in the occupied Palestinian territory could generate hundreds of billions of dollars for development.
Geologists and resources economists have confirmed that the occupied Palestinian territory (oPt) lies above sizeable reservoirs of oil and natural gas wealth, in Area C of the West Bank and the Mediterranean coast off the Gaza Strip, according to a recent UNCTAD study.
New discoveries of natural gas in the Levant Basin are in the range of 122 trillion cubic foot while recoverable oil is estimated at 1.7 billion barrels, according to the study entitled “The Economic Cost of Occupation for the Palestinian People: The Unrealized Oil and Natural Gas Potential.”
This offers an opportunity to distribute and share about US$524 billion among the different parties in the region and promote peace and cooperation among old belligerents, the study notes.