Syria To Offer 11 Blocks in 2002 Licensing Round

There will be 11 blocks on offer in Syria's 2002 licensing round. The total area on offer covers 63,000 square kilometers over several different petroleum basins. Technical data and draft contracts are available for review at Syrian Petroleum Co.'s exploration department. The closing date for applications is October 15, 2002.

Syria 's oil output was estimated at 527,000 barrels a day in 2001, after reaching a peak of 604,000 barrels per day in 1996. Without major new oil discoveries, Syria's proven oil reserves of 2.5 billion barrels will only last about 10 more years, according to U.S. government statistics.