Oil, Gas & Mining

The Islamic State last week attacked and took control of a major gas field in central Syria that is part of assets owned by Canada’s Suncor Energy.
Most oil fields located around the city of Deir-ez-Zor have fallen under the control of the Islamic State, according to a monitoring group.
Syria’s natural gas output has declined to around half its pre-uprising level, according to data from the Minister of Petroleum.
A gas plant in Deir-ez-Zor has been attacked removing another important volume of supplies from the market.
Soyuzneftegaz, a Russian oil and gas company, is raising its involvement in Syria’s energy sector by increasing its stake in an oil company that has sizeable assets in the country.
The Syrian Government has increased the price of gasoline by 20 percent as demand for oil products declined in the first quarter of this year.
The Ministry of Petroleum wants to confiscate and manage petrol stations owned by private investors but that are currently idle.
Following an agreement signed last December with the Syrian government to search for offshore oil and gas reserves, Soyuzneftegaz, a Russian company, is eyeing the construction of an oil pipeline from Iraq to the Syrian coast.
The Ministry of Petroleum has hiked its estimate of the cost of the conflict on the oil sector.
A new attack targeted yesterday a pipeline carrying gas from the DEZGAS plant near Deir-ez-Zor, according to the Ministry of Petroleum.
In spite of the poor security conditions, the Syrian authorities are continuing to develop several gas fields located in central Syria and that are crucial for keeping electricity running.
The Ministry of Petroleum has reported that production at one of its gas plants had stopped following an attack on a pipeline.
Should the war end now, Syria would need two years to recover its pre-war oil output level, a government official said.
According to the Ministry of Petroleum, Syria’s production of crude oil in 2013 declined 80 percent compared to 2012.
The Minister of Petroleum has confirmed that a Russian engineering company, Stroytransgaz, was still operating in Syria and that it planned to commission a gas processing plant by the end of this year.


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