Shell & PetroCanada Enter Syrian Development Agreement

Syria has granted approval to Shell and PetroCanada to explore for oil and also to develop existing fields. Syrian Oil Minister Ibrahim Haddad signed the agreement with Shell and PetroCanada executives. The agreement "will bring about new oil finds and will increase Syria's capability to increase its oil production," said a statement by the Syrian Oil Ministry.

Syria is hoping to find reserves of about 60 million barrels, which would mean an increase of about 25,000 barrels per day. The county also hopes to increase production by about 100,000 by re-developing declining fields

The deal is a supplement to a standing production-sharing contract under which the two firms operate in the oil-rich Euphrates area in the northeastern parts of Syria through Al-Furat Petroleum Co., which produces about 250,000 bpd.