Gulf Oil and Gas accountACCOUNT

Syria Block 26 Production & Operations Update

Source: www.gulfoilandgas.com 10/17/2011, Location: Middle East

Gulfsands Petroleum plc, the oil and gas production, exploration and Development Company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A., provide the following update on oil production in Syria.

As previously referred to in the Company's news release of 6th October, 2011, Gulfsands Petroleum was instructed by the Syrian Oil Ministry to reduce Block 26 production in line with reduced availability of crude storage capacity within the country. In addition, routine refinery maintenance operations are currently underway within Syria, with the result that the Company has been instructed by the Syrian authorities for the time being to continue to confine Block 26 gross daily production to approximately 6,000 barrels of oil per day ("bopd"). It is expected that this reduced level of production will continue until the end of October at the earliest and therefore average Block 26 gross production for the month is anticipated to be approximately 6,000 bopd.

The Company and its partner in the Block 26 joint venture, Sinochem, have received payment in full for all production through the end of July. Receipt of payment for August production (average 24,112 bopd) would routinely have been expected in the course of the past week but at the date hereof remains outstanding.

In the context of the inevitable short-term disruption occasioned by the EU imposition of sanctions on Syrian oil exports, the Board anticipated some corresponding dislocation to the historical pattern of production and payment. The Company's strong cash position means that it is well placed to manage the consequential short-term diminution in revenue.

Further updates will be provided as information becomes available.

Production News in Syria >>

Indonesia >>  3/19/2019 - Japan Petroleum Exploration (JAPEX) has announced that the Sirasun and Batur gas fields, which are part of the TSB gas complex in the Kangean block in...
Iran >>  3/17/2019 - Iranian President Hassan Rouhani formally inaugurated four new phases of South Pars, the world’s largest gas field, on Sunday, according to a statemen...

United States >>  3/16/2019 - Alaska North Slope oil production will average 511,500 barrels per day (bpd) for the current fiscal year to June 30, the Alaska Department of Revenue ...
Iraq >>  3/7/2019 - Dana Gas and Crescent Petroleum are to increase gas production from the Khor Mor field by 63 percent within two years. ...

Tanzania >>  3/7/2019 - Wentworth, the AIM listed independent, East Africa-focused oil & gas company, is providing an update to shareholders. ...
United Kingdom >>  3/5/2019 - The start-up of Equinor's Mariner heavy oilfield in the British North Sea is expected to be delayed again until the fourth-quarter of 2019, two source...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Syria Oil & Gas 1 >>  2 | 3 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.