CNPC & Syria Sign Production Sharing Agreement

Syrian Petroleum Company and China National Petroleum Corp have signed a 25-year production-sharing deal for the Kebibe field. The wo companies will develop a Syrian oilfield currently yielding 4,500 barrels per day. The agreement has a trial period of two years wherein CNPC will be required to spend $3.5 million on development work in the Kebibe field located in northeastern Syria.

The second phase of development call for CNPC to spend $104.5 million to increase production capacity from the field to 10,000 bpd by improving production from existing wells and drilling more wells.