Oil, Gas & Mining
Petro-Canada is taking over Marathon Oil’s share over its contract to develop gas fields in the region of Palmyra according to diplomatic sources in Damascus.
Marathon Oil Company has ended a dispute with the Syrian Ministry of Oil that has been running since the early eighties and its discovery at the time of two gas fields.
Shell is the front-runner to win the E&P contracts over the two blocks it bid for in the last round, according to Sufian al-Alao, the recently-appointed Minister of Oil and Mineral Resources.
The Syrian Ministry of Oil has awarded Soyuzneftegas an E&P contract over Block 12. The Block was initially offered for development in the bidding round held in December 2003 and not in the latest round held in December 2005.
Tanganyika Oil Company Ltd is increasing its share capital by CAD 59 million (USD 53.10 million) to fund its activities in Syria “as well as for general corporate purposes”, according to a company’s press release.
Gulfsands is starting drilling works on Block 26 acording to a statement from the company. The US-British independent oil company has said that it had entered into agreement with two engineering companies for the drilling of three wells.
Syria and Iran are discussing the establishment of an Iranian strategic oil pipeline which will cross Iraq and Syria to the Mediterranean, the official Syrian daily al-Thawra reported on March 7.
The demand for diesel oil is expected to reach 8.58 million tons in 2006, according to Abdallah Khatab, director-general of Mahrukat, the state-owned company in charge of the distribution of oil products.
Egypt and Turkey have signed a memorandum of understanding on the marketing of the Egyptian gas that will be supplied to Turkey after the Arab regional gas pipeline is completed.
The Ministry of Oil and Mineral Resources has received 23 bids from thirteen different companies for exploration works on the nine blocks offered for tender in the round held last December in Damascus.
Syria is planning to double its oil refining capacity in the coming five years and switch its exports towards refined products, according to Ibrahim Haddad, Minister of Oil and Mineral Resources.
Dama Rose Hotel
Dama Rose Hotel