The international community has pledged hundreds of billions of dollars in aid to rebuild the Gaza Strip, which was devastated by Israel's latest military offensive. But without investing hundreds of billions of dollars every year in Palestinian development, long-term conflicts in the region will not be possible unless the Palestinians have a fair share of the oil and gas resources in the occupied territories and in the eastern Mediterranean.
A recent study by the United Nations Conference on Trade and Development (UNCTAD) found new gas reserves in the Levant Basin. 122 trillion cubic feet of natural gas has been found there. The amount of oil that can be extracted could be 1.6 trillion barrels. This means that an opportunity has been created to distribute the 524 billion in reserves among various stakeholders.
Israel has occupied Palestinian territory since 1967. And Gaza has been under siege since 2006. As a result, the Palestinians have lost control of their energy resources. They are deprived of revenue and export income. The country's economy is now on the brink of collapse. Due to this Israeli occupation, which is illegal under international law, the people and goods of Palestine cannot move from one place to another, and property is destroyed and confiscated; Even land, water, and other natural resources are being lost. They are isolated from neighboring countries and international markets, including the domestic market system.
The Palestinians have very limited control over their own economic system and policies. According to the Paris Protocol on Economic Relations, Israel controls Palestinian monetary policy, borders, and trade. Occupied Palestine, according to UNCTAD, lost ৠ48.6 billion in revenue annually from 2006 to 2017. This includes revenue going to Israel and its interest. Due to the long-term occupation of Gaza, more than half of the population lives below the poverty line. The country loses 17.6 billion a year in GDP. The second Oslo Accords between Israel and Palestine were signed in 1995 on the West Bank and Gaza. The agreement gives the Palestinian Authority up to 20 nautical miles of coastline in the sea. Under the agreement, Palestine signed a 25-year agreement with the British Gas Group in 1999 to explore gas. In the same year, a huge gas field called Gaza Marine was discovered between 18 and 21 nautical miles. However, despite initial talks between the Israeli government, the Palestinian Authority, and the British Gas Company over the sale of the gas, Palestine does not make a profit under the revenue provisions in the occupied territories.
Since the blockade of Gaza, Israel has taken real control over its natural gas. Contracting British Gas is also working with Israel, avoiding Palestine. Israel has also taken control of the Meghed oil and gas fields in the West Bank. It is located below the Palestinian territories that have been occupied since 1967.
Israel has recently begun developing oil and gas fields in the eastern Mediterranean for its own benefit. Israel is violating the Hague Regulation, the Fourth Geneva Convention, and international humanitarian and human rights law by establishing and investigating Palestinian oil and gas rights. It is a violation of these laws to search for collective resources without considering the interests, rights, and partnerships of the victims of the occupation.
In the wake of the recent conflict, the international community has pledged 60 million to help rebuild Gaza. In addition, a fair share of oil and gas revenues will provide Palestine with sustainable financing for investment in long-term economic reconstruction. And looking for this alternative may lead to another war and violence.
Sustainable economic recovery and political reconciliation have to go hand in hand. The United Nations still believes that overall peace between Palestine and Israel can be achieved through negotiations. The United Nations is working to establish peace and security between Palestine and Israel as an independent, democratic, prosperous, sovereign power and sustainable state. In order to survive economically, Palestine must take control of its own economy. They have to justify their share of oil and gas.
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