Oil, Gas & Mining
The Syrian Petroleum Company (SPC) is expected to offer soon 10 blocks to international oil companies for exploring and developing into production sharing agreements (PSAs).
Four ventures have appeared as the front-runners for the award of a contract to develop the largest gas fields in Syria.
Syria, along with four other independent oil producers participated in OPEC's latest meeting in Vienna on July 31.
The oil sector continues to make the headlines again as the award of two oil exploration contracts have been announced in the past month.
The past month has seen the signing of two new oil contracts which, in one case, should help increase production by up to 30,000 barrels of oil a day (b/d) and in the other start explorations in one of the largest blocks in the country.
The Tanganyika Oil Company (TOC), which was recently awarded, through its affiliate Dublin Oil, the redevelopment contract of the Oud block, in the northeastern part of the country, is finalising its agreement with the Syrian Petroleum Company.
After the award by Lebanon, of the contract to build the Lebanon side of the Syrian-Lebanese gas pipeline, Syria is expected to start pumping gas to its neighbour before the end of the year.
The Syrian Petroleum Company (SPC) has finalised a production-sharing deal with the China National Petroleum Corporation (CNPC) for the development of the Kebibe field in the north-eastern part of the country.
Meanwhile, Nikolay Tokarev, head of Russia's state-owned oil company Zarubezhneft signed on February 9 the setting up of a joint-venture company with Ahmad Mualla, director-general of SPC.
The regional gas network being developed by four Arab countries, Egypt, Jordan, Lebanon and Syria, will see gas flowing as of next May with gas supply from Egypt expected to reach Jordan in that date.
The upgrading and expansion of Homs refinery, the country's largest crude oil refinery, is expected to cost an estimated USD590 million, according to Ahmed Hammoud, Director-General.
On January 11, Haddad announced the award of five new oil exploration rights licenses.
The Syrian President, Bashar al-Assad, issued a decree on February 4, establishing the Syrian Gas Company (SGC).
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