Syria Awards Exploration Licenses

Late last week Syria awarded five foreign firms oil exploration rights at sites across the country and has chosen three others to develop existing facilities.

Syrian Oil Minister Ibrahim Haddad said an area in the Damascus-Palmyra region went to Shell. Ocean Energy, Stratic Energy and an ONGC-led consortium were among the other companies awarded exploration rights at sites in the north and east of Syria. Chinese state oil major CNPC, as well as an Irish and a Russian firm, were chosen to develop existing facilities to raise oil output, Haddad said.

The contracts are subject have yet to be finalized. Syria currently has the capacity to produce approximately 550,000 bpd and exports about 450,000 bpd a month.