• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 3 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 17 mins Joe Biden's Presidency
  • 57 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 23 mins Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 1 day JACK MA versus Xi Jinping
  • 1 day Researchers Are Harvesting Precious Metals From Industrial Waste
  • 7 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 7 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 11 hours Minerals, Mining and Industrial Ecology
  • 14 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
Low Lithium Prices Could Hold Back The EV Revolution

Low Lithium Prices Could Hold Back The EV Revolution

One of lithium's leading producers,…

Is This The Most Exciting ESG Play Of 2021?

Is This The Most Exciting ESG Play Of 2021?

The ESG boom brought in…

U.S. Shale Is Gaining Influence Over Oil Markets

U.S. Shale Is Gaining Influence Over Oil Markets

Saudi Arabia, the leader of…

James Stafford

James Stafford

James Stafford is the Editor of Oilprice.com

More Info

Premium Content

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





Leave a comment

Leave a comment




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