14-01-09 Syria's Oil Minister Sufian Al Alao said the awarding of new oil and gas exploration and production contracts aimed at boosting the country's output is being delayed due to deteriorating conditions in the world financial markets.
"The financial situation is a challenge for exploration contracts," Al Alao said on the sidelines of the Petrotech energy conference in New Delhi.

As a result of the financial crisis, contracts under negotiation with companies including the UK's Anson and Petro-Canada are facing delays, he said, adding companies were finding it harder to raise funding and less attractive to invest amid a sharp drop in crude oil prices.
Syria hopes to stem the decline at its oil fields with the awarding of new exploration and production deals to international oil firms.

The country in 2008 produced 380,000 bpd of crude and plans to raise output by a mere 5,000 bpd this year, Al Alao said.
Syria's oil minister earlier signed a memorandum of understanding with his Indian counterpart to facilitate bilateral relations in the oil and gas sectors.