Oil, Gas & Mining

Syria’s Ministry of Petroleum and Mineral Resources restarted production last week from a gas well formerly developed by Croatian oil company INA Naftaplin as it seeks to boost gas supplies amid acute shortages.
Exports of crude oil from Iran to Syria remained stable on average during the first half of 2021, according to a website that tracks oil shipping data, with more than 13 million barrels shipped in total.
A German company appointed a new general manager for its branch in Syria early this month in a rare move by a European company to retain a foothold in Syria despite EU sanctions on the country.
Production from Gulfsands Petroleum’s main asset in Syria remained at 20,000 barrels per day last year, according to its 2020 annual report in which the company said plans to return to the country continued “at pace”.
Aid groups operating in Syria are studying options for importing their own fuel into the country as shortages of oil products hamper their activities.
An agreement has been reached for the Russian navy to escort Iranian tankers into Syrian territorial waters, Russian media reported this week, after Israeli attacks disrupted Iranian shipments to Syria.
Disruptions to oil shipments from Iran, including the recent Suez Canal blockage, have intensified fuel shortages in Syria, paralysing the country’s public transportation system and stoking public anger.
Prominent UK-based Syrian investor Ayman Asfari has sold his share in Gulfsands Petroleum to an investment firm owned by a Russian businessman, which now holds a controlling stake in the company.
Syria's President Bashar Al-Assad has ratified a USD 13-million production sharing agreement (PSA) contract with Russian company Kapital LLC, further consolidating the dominance of Russian firms in the country’s oil and gas sector.
Afek Oil & Gas, an Israeli oil company, has ceased exploration operations in the occupied Golan Heights after finding no light oil resources suitable for commercial development.
Updated on March 26,2021: Syrian President Bashar Al-Assad ratified a USD 22-million production-sharing agreement (PSA) contract with Russian company Stroytransgaz Engineering (STG-Engineering) in December, according to documents reviewed by The Syria Report.
Syria’s oil and gas sector has suffered USD 91.5 billion in losses since the start of the conflict in 2011, the Ministry of Petroleum and Mineral Resources said.
The Syrian government said this week it was reducing the quantities of subsidised petrol that can be purchased through the country’s smartcard system. A reduction of subsidised gas oil (mazout), which is used widely for heating in winter, was also confirmed.
The Syrian government has hiked the price of petrol for the third time within a year and the second time in less than six months. Although the increase is more modest than previous price hikes, deteriorating living conditions worsened by rapidly rising prices have already stoked tensions across the country.
Syria imported oil products worth USD 820 million between July and December last year, the prime minister said, giving a rare insight into a vital sector that is often defined by a lack of transparency.


Syria Energy 2020
Damascus International Fairground
Damascus International Fairground