Recognition of Palestine as a state could enable the Palestinian Authority to develop the Gaza Marine field and generate substantial revenues, estimated at $4 billion. This would provide the Palestinian economy with independent financial resources, reducing reliance on foreign aid. The field's development has faced legal challenges, delaying exploration for nearly 30 years. Human rights lawyers have warned against exploitation of gas fields in Palestinian maritime zones, asserting claims based on international law. Gaining recognition, particularly from countries with major oil firms, could clarify legal ambiguities and secure new income sources for Palestine.
Recognition of Palestine as a state would affirm the Palestinian Authority's entitlement to develop the Gaza Marine gas field, potentially generating significant revenue.
The Gaza Marine field could generate $4 billion in revenue, allowing the Palestinian Authority to receive $100 million annually over 15 years, though it won’t match wealth levels of Qatar or Singapore.
Legal controversies surrounding ownership have stalled exploration of the Gaza Marine field for nearly 30 years, impacting revenue generation for Palestine.
Palestine's maritime borders, declared in 2015, establish its claims, and recognition by more states could clarify legal ambiguities and secure economic independence for the PA.
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