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CNPC acquires 35% interest in SSPD

Source: www.gulfoilandgas.com 5/19/2010, Location: Middle East

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Shell and the China National Petroleum Corporation (CNPC) have concluded an agreement under which CNPC has acquired a 35% interest in Syria Shell Petroleum Development (SSPD), currently 100% owned by Shell. SSPD has interests in three production licences including Deir-Ez-Zor, Fourth Annex and Ash Sham that are operated by the Al Furat Petroleum Company (AFPC) (Shell interest 31.25%).

The agreement strengthens the partnership between Shell and CNPC. Both parties will look to continue growing and investing in attractive opportunities in Syria's upstream industry.

The licences cover some 40 oil fields, production in 2009 was 23 thousand boe/d (Shell share). Shell has a long history in Syria. It has had a presence in the country since the 1940s and been a shareholder in AFPC for some 25 years.

CNPC already has an interest in the production licences and in AFPC through its 50% ownership of Himalaya Energy Syria BV.

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