• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 6 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 2 hours 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 23 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 10 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 11 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 6 hours Will Uncle Sam Step Up and Cut Production
  • 3 hours With Global Warming Greenland is Prime Real Estate
  • 3 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 2 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 3 hours Sad . . . Only thing that moves oil price up is an attack on Tankers or Oil Facilities (Staged or real?)
  • 12 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 6 hours Get First Access To The Oilprice App!
  • 15 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Syrian Opposition Condemns Russian Oil Deal

Syria’s opposition has condemned the signing last week of Syria’s first-ever offshore oil exploration deal, with Russia, claiming oil blocks are being swapped for weapons to attack rebel forces.

Syria signed the agreement last week 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 Coalition condemns the signing of this deal, which aims to swap the riches of our homeland for Russian weapons destined to kill the Syrian people,” the Syrian National Council said in a statement.

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.

The contract will enter into effect immediately despite US and European sanctions against Syria.

The opposition remains suspicious of the deal, which will be fully funded by Russia, and which they claim is the Assad regimes illegal signing of a contract to drill for oil and gas in Syrian waters.

“Such a dishonorable deal is intended to give away Syria’s natural resources in exchange for Russian weapons to be used to kill Syrians,” Khalid Saleh, Syrian Coalition Media Office President, said in a press release.

Saleh said the coalition viewed the deal as “completely illegal as the Assad regime does not represent the Syrian people. Only the Syrian people can give legitimacy to a decision regarding Syria’s resources and future.”

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.

By. Charles Kennedy 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
Download on the App Store Get it on Google Play