Special to WorldTribune.com
RAMALLAH — The Palestinian Authority has launched a search for energy in the West Bank.
The PA has issued a tender for crude oil exploration north of the West Bank city of Kalkilya.
The tender, the first by the Ramallah-based regime, called for bids to explore an area of 432 square kilometers that could contain up to 186 million barrels of oil.
“The existence of oil in Palestine is a highly promising opportunity for the Palestinian economy,” PA Deputy Prime Minister Mohammed Mustafa said on March 18.
“Having local oil supply will alleviate some of the costs borne by the Palestinian economy on oil imports.”
The PA set a bidding deadline for June 30, 2014 and named the Palestinian Investment Fund as a partner in the project. Mustafa said the tender was prepared with assistance from foreign companies, including Exploration Reservoir Consultants.