Oil, Gas & Mining
Updated February 6: Gulfsands Petroleum has said that drilling operations in the Khurbet East 102 well had encountered oil and gas with total recoverable reserves estimated at around 19.2 million barrels of oil equivalent and that it would now stop all activities in Syria.
A bomb blast targeted this morning a 24” gas pipeline supplying the power plant of Banias, according to the Syrian news agency, SANA.
The Syrian authorities are preparing to raise again the price of heating oil, less than a year after they decided to reduce it, a decision that is likely to create discontent among the population but reflects the deteriorating situation of the Government’s finances.
The Syrian Government has announced an increase of 60 percent in the price of cooking gas as shortages of energy products recently reduced across the country.
Croatia’s INA Naftaplin has denied press reports that its mother company, MOL, was considering the sale of the company’s assets in Syria.
Syria has lost an estimated USD 2 billion from the embargo on oil exports imposed by the European Union and other western countries, according to the Minister of Oil.
Russia’s Tatneft has become the latest oil company to announce the suspension of its operations in Syria.
The latest bombing of the pipeline carrying Egyptian gas to both Israel and Jordan has caused a suspension of supplies to Syria, according to the Minister of Oil, Sufian Al-Allao.
The Syrian Government has increased by 13 percent the retail price of gasoline.
The disruption of its Syrian operations has forced INA Nafte, a Croatian oil company, to demand the suspension of trading on its shares in the London and Zagreb stock exchanges.
Gulfsands Petroleum has announced that it was continuing exploration works in Syria only a few days after announcing its suspension of production activity.
Canada has announced a new round of sanctions on Syria, becoming the first western country to ban all imports, except food, from Damascus.
Kulczyk Oil Ventures has announced that the initial exploration period for Block 9 has been extended 11 months by the Syrian Government.
Suncor Energy and Gulfsands Petroleum have announced that they were suspending their operations in Syria in light of the latest sanctions announced by the European Union.
Total of France has stopped oil production in Syria in compliance with recent EU sanctions as a growing number of international companies operating in the country are considering taking similar steps.
Assessing the Price of Imported Goods
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