• 55 mins Here’s Your Chance To Blow Up An Oil Pipeline
  • 2 hours Shell Restarts Bonny Light Exports
  • 4 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 10 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 15 hours British Utility Companies Brace For Major Reforms
  • 19 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 21 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 22 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 23 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 24 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 8 days Renewable Energy Startup Powering Native American Protest Camp
Alt Text

Trump Just Made Iran A Wildcard

The impact of Trump’s decision…

Alt Text

Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Kurdistan authorities have accused the…

Syrian Opposition Condemns Russian Oil Deal

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




Back to homepage


Leave a comment

Leave a comment




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