Syria signs up oil/gas contracts with US and Russia

On Thursday 11th May 2006 Director General of the Syrian Petroleum Company Ahmed Moualla, signed with Russian Sios Nift Gas Company to explore and develop as well as produce oil in the region of Al-Mayadin, in far NE Syria.

Minister of Petroleum and Mineral Resources Sufyan Allaow attended with first Vice President of the Russian company Arthur Estrogen (not waiting for Godot hopefully)“ We hope this contract will consolidate the strategic relation between Syria and Federal Russia due to the common interest of peoples in the two friendly countries,” he said.

The Syrian government would own a proportion of the full production of oil up to 12.5% of the whole production.

US$ 50 millions will be allocated to train employees from the Syrian Petroleum Company during the contract period of 20 years.

Marathon Petroleum Company have also signed A 25 year contract for the development and production of petroleum in al-Shaer and al-Sharifa oil fields, some 120 KM east of Homs, with Syrian Companies of Petroleum and Gas.

Initial production estimates are of 2 million cubic meters of dry gas per day, 5,000 BPD of oil and around 100 tons of house liquid gas per day,

Marathon will invest an estimated US$ 127 Mn. and allocate US$50,000 per annum for taraining throughout the contract.

The contract was signed from the Syrian side by Minister Allao, Director General of Petroleum Company Ahmad Mualla and Director General of the Gas Company Ali Abbas from, and from the Marathon Company side by its Representative David Clark.

Director General of the Syrian Petroleum Company Ahmed Moualla is reported to say on Saturday that Syria's total current oil production is more than 400,000 BPD.

(Pic a Roman silver cast figurine / medallion from a recent dig in Palmyra, Syria - dated 100AD)