Syria expands exploration in search for oil

Apr 29, 1997 02:00 AM

Syria has signed 3 contracts with international companies for oil and gas exploration covering 15,000 sq km as part of a policy to expand exploration activities, Oil Minister Mohammed Maher Jamal said. He said negotiations were underway with other foreign companies for concessions in other areas.
In addition to the concessions already granted, Syria's state-owned petroleum company (SPC) was also conducting its own exploration activities which included 3D surveys, Jamal said.

Jamal said the contracts included one with Shell and Germany's Veba AG unit Deminex. The agreements are expected to be passed by parliament this week. A second contract was signed earlier with France's Elf Aquitaine, Japan's Sumitomo and Malaysia's Petronas. A third was signed with Hungary's MOL.
Oil industry sources say that according to an initial geological survey in Syria, over 831 structures were identified as areas with possible deposits of oil. Of these, only 293 were drilled and oil was found in 124 structures. The sources say that deposits in these areas could be more than double current proven reserves and yield more gas than oil
Jamal said the contract with Shell covered 5,000 sq km at the Dayr Azzawr area, where most of Syria's oil is produced. The contract includes a period of 4 years during which the company should drill four wells and conduct 3D surveys for 350 sq km and spend $ 13 mm.
The company would be given 2 extension periods each of two-and-a-half years. During each period 2 wells should be drilled and $ 5 mm invested. Al-Furat produces over 400,000 bpd of light crude in addition to 4.5 mm cubic metres of associated gas per day. Elf's contract also covers 5,000 sq km and has a period of seven-and-a-half years. During the period the company should drill 7 wells and conduct 3D surveys over 1,100 sq km and spend $ 25 mm, the minister said. Elf and SPC currently produce over 60,000 bpd of light crude from the Dayr Azzawr oilfields
Last month, Syria signed an exploration contract with the Hungarian oil and gas company Magyar Olj-es Gaizpari (MOL) for an area covering 5,000 sq km. The company will invest $ 23 mm over a period of nearly 8 years.

Source: not available
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« March 2021 »
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31

Register to announce Your Event

View All Events