Palestine Natural Resources Overview
Oil & Gas
Palestine’s Oil and Gas resources, and their derivatives as key commodities are of paramount importance to the development of the Palestinian economy. Establishing consistent and independent supply of these energy resources will ensure the development of a vibrant and innovative economy.
However, Palestine’s access to these critical resources is severely restricted and curtailed by the Israeli occupation – depriving Palestine from legitimate access to these resources despite being warranted under international law and various UN resolutions.
The geological data pertaining to Palestine’s natural Oil & Gas reserve discoveries to-date indicates that although not considered significant in size, they hold promising potential if explored for & developed effectively. Due to Israel’s control over these reserves, the Palestinian economy is deprived of substantial revenues from potential hydrocarbon proceeds as well as job creation opportunities that would result from the development of these reserves and the Oil and Gas sector.
The development of these reserves could additionally enable Palestine to meet its needs of Oil & Gas products in the short and medium terms. However, the Palestinian economy remains dependent on the Israel for almost all its Petroleum products consumption, leading to a staggering annual bill of around $1.5 billion on Petroleum product imports only.