Most of Syria's viable oil reserve already produced

Mar 02, 2009 01:00 AM

A recent study on the future of energy in Syria, prepared by Dr Ziad Arbash, a researcher at the Orient Centre for Strategic Studies, has indicated that oil production in 2007 reached about 379,000 bpd, of which the total production of the Syrian Oil Company is estimated at 193,000 bpd.
The other companies operating in Syria are the Euphrates, Deir Al-Zour, Hayyan, Kawkab and Dublin and their production is estimated at about 186,000 bpd.

The study expected a substantial evolution in the level of Syria's oil production in case of opening other areas for the oil development and exploration. Based on the report, the consumption of petroleum products has been witnessing a continued growth in Syria, rising from 153,000 barrels of crude oil per day in 1990 to more than 349,000 bpd by the end of 2007.
The study emphasizes that the growth of demand for petroleum products will remain high to the year 2015 even if the rates of derivatives growth differed among themselves. Here the research distinguished between two phases: the first period of sustained growth between 2007 and 2010, and the second is the phase of stability between 2011 and 2015.

For the first phase, growth rates are to increase by 5 % due to the increase of the ground fleet and the continued growth of demand for diesel. It is expected to be stabilized at the end of the second phase to become 4 % due to the continuation of the gradual liberalization of energy prices and reaching to the relative saturation in the consumption of energy products and electricity, especially that gas will play a growing role in generating energy.
Arbash clarified that the geological reserve of oil in Syria certainly amounts 24.3 bn barrels and the vast majority of them is located in the north-eastern Syria. The viable production oil reserve is estimated at 6.9 bn barrels, 4.5 bn barrels of them were already produced.

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