Gulfsands (120)


Rami Makhlouf and Nizar Assaad, two of Syria’s most prominent businessmen, are investing together USD 23.2 million in an independent UK-based oil company with operations in Syria.


Gulfsands Petroleum has announced that drilling and initial testing operations on the Khurbet East well had encountered four significant hydrocarbon bearing reservoirs.


Crosco has announced that it had signed an extension to its contract with Gulfsands Petroleum for drilling services


The Ministry of Oil has invited international oil companies to bid for the exploration of four offshore blocks. This is the first time Syria offers offshore areas for exploration


Gulfsands announced that initial results on the drilling works taking place in the Khurbet East well in Block 26 had shown the presence of hydrocarbon


Results from drilling at Tigris-1 well have been inconclusive and have led to a disagreement on the commercial prospects among the two partners in Block 26


Gulfsands has announced that it had contracted with Crosco for the supply of a rig to be used for drilling works that will start in the middle of this month


Drilling works on the Tigris well have started according to a statement from Gulfsands Petroleum.


Crosco Integrated Drilling & Well Services Co., Ltd. has been awarded drilling, well logging and integrated service contracts by Hayan Petroleum Company.


Ryder Scott Company, L.P., an oil consultancy firm, has submitted an economic evaluation study of the Tigris structure in Block 26 after it had submitted earlier in the year a reserves evaluation study (Read Gulfsands starts drilling works on Block 26)...


Petro-Canada is taking over Marathon Oil’s share over its contract to develop gas fields in the region of Palmyra according to diplomatic sources in Damascus.


Marathon Oil Company has ended a dispute with the Syrian Ministry of Oil that has been running since the early eighties and its discovery at the time of two gas fields.


The Syrian Ministry of Oil has awarded Soyuzneftegas an E&P contract over Block 12. The Block was initially offered for development in the bidding round held in December 2003 and not in the latest round held in December 2005.


SNG Overseas Ltd (SNGO), a 100 percent subsidiary of Emerald Energy Plc is the partner of Gulfsands Petroleum in the development of Block 26 and owner of a 50 percent working interest in the field.


Gulfsands is starting drilling works on Block 26 acording to a statement from the company. The US-British independent oil company has said that it had entered into agreement with two engineering companies for the drilling of three wells.


The Ministry of Oil and Mineral Resources has received 23 bids from thirteen different companies for exploration works on the nine blocks offered for tender in the round held last December in Damascus.

The decrease in oil production levels is prompting the Syrian government to open new blocks for drilling to Arab and other foreign companies.

Gulfsands Petroleum has signed an agreement to purchase Devon Energy Corporation's 80% interest in the Block 26, in the northeast of the country, through its purchase of all the capital shares of Devon Syria, Ltd for an undisclosed amount.

Devon Energy, the US independent oil company has announced that it was withdrawing from Syria and that it wouldn’t be developing the field it was awarded back in May 2003.
The past month has seen the signing of two new oil contracts which, in one case, should help increase production by up to 30,000 barrels of oil a day (b/d) and in the other start explorations in one of the largest blocks in the country.