Oil, Gas & Mining
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.
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.
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