• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 44 mins Is $60/Bbl WTI still considered a break even for Shale Oil
  • 1 min Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 10 hours Prosecutors Fine Bosch 90 Million Euros For Emissions Cheating Role
  • 57 mins Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 10 hours Apple Boycott in China
  • 59 mins Asia Oil Refiners Mull Run Cuts With Margins At 16 yrs. Low For Season
  • 22 mins Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 5 hours Devastating Sanctions: Iran and Venezuela hurting
  • 43 mins IMO 2020 could create fierce competition for scarce water resources
  • 44 mins IMO2020 To scrub or not to scrub
  • 9 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 7 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 10 hours California's Oil Industry Collapses Despite Shale Boom
Alt Text

Oil Markets In Limbo After OPEC+ Meeting

Oil markets remain uncertain as…

Alt Text

Middle East Tensions Put Oil Markets On Edge

Oil markets continue to be…

James Stafford

James Stafford

James Stafford is the Editor of Oilprice.com

More Info

Trending Discussions

Syria Signs First-Ever Offshore Oil Deal, with Russia

Syria has signed an agreement with Russian oil and gas company SoyuzNefteGaz for joint oil exploration off the Mediterranean coast, in Syria’s part of the prolific Levant Basin, according to Syrian, Russian and Iranian state news agencies.

The contract will enter into effect immediately despite US and European sanctions against Syria, where opposition forces and Islamist groups remain in control of onshore oilfields and production has diminished, with exports halted.

According to Al Jazeera, the agreement was signed by SoyuzNefteGaz and Syrian Oil Minister Suleiman Abbas, who is also head of Syria’s General Petroleum Company

SoyuzNefteGaz—created in 2000 with an eye on joint ventures in the Middle East and Africa—will reportedly finance the $90 million project in Syria.  If test drilling confirms commercial scale reserves of oil and gas, SoyuzNefteGaz will build the necessary infrastructure for development and extraction.

The contract is for oil exploration and production in Block 2 of Syria's territorial water, which stretches from the shore of the coastal city of Tartous to the city of Banyas and covers 2,190 square kilometers.

A combination of conflict and international sanctions has reduced Syria’s oil production by 90%, while gas production has dropped from 30 million cubic meters per day to 16.7 million cubic meters per day. Much of the country’s pipeline infrastructure has also been damaged.

SoyuzNefteGaz is headed by former Russian Energy Minister Yury Shafranik, and Russia now holds the keys to power brokerage in Syria since the US opted out of air strikes and signed on to a Russian plan for a resolution of the conflict.

Syria is one of Russia’s last Middle East strongholds and serves as a base for the Russian Navy.

Israel has already made significant discoveries in the Levant Basin, while Lebanon is preparing for exploration and its first offshore auction but political crisis is holding up key legislation that would make this possible. Syria could end up launching exploration before Lebanon with Russia’s help.   

By. James Stafford of Oilprice.com




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News