Syria to invite foreign oil companies for oil and gas exploration activities

Syrian Oil Minister Mohamad Jamal was quoted as saying that his country would be inviting foreign oil companies to take part in oil and gas exploration activities in Syria. In an interview with the London-based Arabic daily Al-Hayat, the Syrian Minister said that his country was exporting 17,000 bpd of its total crude output, currently running at 29,000 bpd.
He said he viewed the current oil prices of about $ 26 per barrel on the world market as " fair." "We will be involving more foreign firms in the oil and gas exploration activities, because we have an interest in concluding contracts with such companies and make them shoulder part of the risk on behalf of the Syrian side," Jamal said.
"We have already signed a memorandum of understanding with the Canadian firm 'Dublin' which belongs to the multinational group 'Lundin.' An agreement, to be signed shortly, will allow the firm to operate in the Audeh area in North-eastern Syria," he added.

The Syrian Minister said that his government was also involved in negotiations with "a number of international firms" for concluding similar contracts. "The Syrian strategy provides for intensifying oil exploration activities by using up-to-date technology with a view to increasing the country's proven oil and gas reserves," he added.
He expected the oil era to last in Syria until the year 2020. "We still have virgin undiscovered areas in Syria, which provide promising opportunities for oil and gas exploration," he said.
The Syrian minister also divulged plans for increasing gas production to 24 mm cf by the year 2005 from 13 mm at present. He said the planned downstream operations in the country included the construction of a 235 km gas pipeline from Palmyra to Aleppo and a new oil refinery. "Syria also plans to supply Lebanon with 3 mm cfpd of gas," he said.