Natural Resources Development
Block-1 field spans an area of (432 Km2) from North West Ramallah to Qalqilya and is adjacent to the existing oil exploration and production activity on the other side of the border.
As the development of oil and natural gas resources is critical to the sustainable economic growth in Palestine, the Palestine Investment Fund, through Massader, has prepared an investment program for the development of the West Bank Oil Field, also known as the “Block 1 Field”. The development cost is estimated at $390 million, and will be carried out in accordance with a production sharing agreement with the Government of Palestine. An Initial pre-exploration work program is currently underway in preparation for designing an exploration plan for approval that would precede full-fledged field development.
The development of the West Bank Oil Field will provide an alternative and important source of petroleum for the Palestinian market, which currently relies exclusively on oil imports from Israel with an annual cost estimated at $1.5 billion on the Palestinian economy.