Forgotten oil and gas resources in Palestine | Oil and Gas
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Following the recent Israeli offensive, as well as the devastation in Gaza, foreign powers have pledged hundreds of millions of dollars to help rebuild the Strip. However, a permanent end to the Israeli-Palestinian conflict will not be possible without temporary trade in Palestine for economic and social development, up to billions of dollars a year.
The most neglected way to raise this money is to distribute Palestine a fair share of oil and gas in its natural habitats and in the Eastern Mediterranean, which is used only by Israel.
A recent research and the United Nations Conference on Trade and Development (UNCTAD) estimates that new natural gas in the Levant Basin is 122 trillion cubic feet, with 1.7 billion barrels of crude oil. The reserve offers the opportunity to distribute and share approximately $ 524bn between various parties in the region.
The Israeli occupation of Palestinian territories since 1967 and the closure of the Gaza Strip since 2007 have prevented Palestinians from taking control of their resources, denying them the money they need and exporting and leaving Palestinian assets on the verge of collapse.
The financial resources provided to the Palestinian people living with them are well documented: strict restrictions on the movement of people and goods; seizure and destruction of property and possessions; waste disposal of land, water and other natural resources; a fragmented and segregated market and local and international markets; and the growth of Israeli cities that are banned according to international law.
Palestinians also have limits on how they control their money. According to the Paris Protocol on Economic Relations, Israel regulates Palestinian economic policies, borders and trade. It also collects taxes, VAT and taxes on Palestinian people employed in Israel which they pay to the Palestinian government. UNCTAD estimates that, under the rule of law, Palestinians lost $ 47.7bn in economic expenses during the 2007-2017 financial year, including the amount paid to Israel and interest rates. By comparison, the revenue for the development of the Palestinian Authority at the same time was about $ 4.5bn.
Long-term closures and regular military operations in Gaza have left more than half of the population living on the edge of poverty and wasted $ 16.7bn in lost GDP a year. This figure does not pay much attention to preventing Palestinians from using their gas off the coast of Gaza.
The 1995 Israeli-Palestinian alliance between the West Bank and the Gaza Strip, known as the Oslo II Accord, empowered the Palestinian Authority (PA) to navigate its waters up to 20 nautical miles offshore. The PA signed a 25-year gas exploration agreement with the British Group in 1999, and a large portion of the gas, Gaza Marine, was found 17 to 21 nautical miles off the coast of Gaza that same year. However, despite initial negotiations between the Israeli government, PA and Britain Gas on oil exports from the region and the provision of essential funds in the occupied Palestinian territories, the Palestinian people did not receive any benefits.
Since the closure of Gaza in 2007, the Israeli government has put in place measures to improve Gaza’s offshore gas reserves. The contractor, Britain Gas, has been working with the Israeli government, and passed the Palestinian Authority on the issue of research and development.
Israel has also taken part in the Meged oil and natural gas field, located within the West Bank. Israel says the territory is west of the 1948 arms embargo, but most of the territory is under the Palestinian territories that have existed since 1967.
Recently, Israel has begun developing new oil and gas in the Eastern Mediterranean, for profit.
By using oil and gas in Palestine, Israel is violating the letter and the spirit of the La Haye Law, the Fourth Geneva Convention and the International Covenant on Human and Peoples’ Rights, which focuses on abusing civilian power, indifference, freedom. and segments of the population.
International organizations have pledged up to $ 860m to rebuild Gaza after the recent fighting but, even before the recent war, UNCTAD estimates it will cost at least $ 838m a year to lift Gaza people out of poverty. A sufficient portion of oil and gas provides Palestinian people with sustainable income to spend on long-term economic recovery, rehabilitation and recovery. Another way is for these common objects to be used both individually and by Israel, and as a source of conflict and violence.
Clearly, lasting economic recovery and political stability go hand in hand. The UN has maintained a permanent place of peace so that lasting and lasting peace can be achieved only through bilateral negotiations. The UN continues to work to establish an independent, democratic, independent, and prosperous state, living in peace and security with Israel. The economic survival of the Palestinian state depends on the ability of the Palestinians to control their wealth and to have access to their share of oil and gas in Palestine.
The views expressed in this article are those of the author and do not necessarily reflect the views of the editor of Al Jazeera.
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