Oil, Gas & Mining
Following the publication on April 16 of our article American Oil Firm Says to Continue Operations in Syria, we have received the following letter from the company.
The Syrian Ministry of Oil has re-evaluated its estimate of the country’s loss from the sanctions imposed by western countries on the oil sector at around USD 3 billion.
The Ministry of Petroleum and Mineral Resources has licensed a Turkish company for the construction of a refinery and the development of asphalt resources.
The Syrian Investment Agency has awarded a license to a Hungarian company to develop a salt mine in the eastern region of the country.
The General Petroleum Corporation is among 47 international companies prequalified to participate in Iraq’s next bidding round to be held at the end of May.
Note from the editor: Originally published on April 16, 2012, this story has been denied by the company. Link to the letter from the company at the bottom of this story.
The General Petroleum Corporation has prequalified to participate in the next exploration qualification round in Iraq, the Iraqi Ministry of Oil said.
Kulczyk Oil has provided a new estimate for its prospective reserves in Block 9 in Syria following the drilling of a well last year.
Total’s production of oil and gas in Syria rose 35 percent last year on the back of rising gas output before international sanctions forced the French company to suspend all activities.
Stroytransgaz has announced that it had completed a new stage in its maintenance contract on the South Middle Area Gas Plant.
A bomb blast hit on Saturday a gas pipeline near the eastern city of Deir-ez-Zor leading to the leakage of 700,000 cubic meters of gas.
Iraq has prepared backup plans to use an old pipeline running through Syria to export its crude should the Hormuz Strait be closed, an Iraqi Government spokesman said.
The Syrian Government has reportedly decided to allocate a percentage of the revenues of oil companies to the development of the Governorates in which these companies are located, the first time this type of measure is adopted in Syria.
The difficulty to find reinsurers and to receive a sovereign guarantee for the shipment of Syrian crude is halting plans by Indian companies to import oil from Syria, according to Reuters.
INA has formally stopped its operations in Syria, a decision that was awaited following last week’s announcement by the company that it was reviewing its options in the country after the imposition of sanctions by the Croatian Government.
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