Dublin International Petroleum Signs Syrian PSA

Syrian Petroleum Company and Dublin International Petroleum of Canada have signed a production-sharing agreement whereby Dublin will develop the Ouda Field in Syria.

The agreement stipulates that the Canadian company will spend two years assessing the Ouda field which has 18 functional wells with a combined output capacity of 1,500 barrels per day. The output capacity is expected to rise to 15,000 bpd in three years after well maintenance operations.

Dublin International Petroleum is expected to drill about 55 new wells over the 20-25 year development phase of the field in the oil-rich northeastern Kameshli area. The development cost is estimated at $230 million. The 20-year-old field produces crude oil from reservoirs that are between 1,500-2,500 meters deep.