Oil, Gas & Mining
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.
Should the war end now, Syria would need two years to recover its pre-war oil output level, a government official said.
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.
The Syrian government signed a production sharing agreement for the exploration and development of an offshore block, a move that was swiftly condemned by the opposition National Coalition as an “oil for arms” barter deal.
Attacks on pipelines and other gas infrastructure have reduced gas supplies and forced the government to increase power cuts.
Forces affiliated to the Syrian opposition seized last week the Omar field, located near the eastern city of Deir-ez-Zor.
The government has confirmed it has reached a preliminary agreement with Soyuzneftegaz, a Russian energy company, for the exploration of its offshore waters, a week after the visit to Damascus of the company’s vice-chairman.
Syria’s Prime Minister has met with a representative of a Russian energy company to explore the development of the country’s offshore resources.
Syria's imports of crude oil and refined oil products stood at some $3 billion in the first nine months of the year, according to the minister of oil, Sulaiman Al-Abbas.
Theft of crude oil and damages to wells have cost Syria’s oil sector the equivalent of around USD 2 billion since the beginning of the Syrian uprising, according to the Ministry of Oil.
Syria's import of crude oil and other oil products continues to run in the hundreds of millions every month, according to the minister of oil.
The Syrian government increased the price of gasoline last week, the fourth such hike in less than a year.
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