The global financial crisis is the second in five years, a historic turning point, however. It is not only the most serious many of the 2008 crisis resulting from the problem of housing loans in the United States, but carries with a lot of the negative effects on the world economy, in particular, the failure of the political system in both the United States and Europe to find practical solutions and the challenges facing the financial systems.
local study addressed the effects of global financial crisis on oil and gas sector in Syria Said that three companies that canceled their five contracts and did not complete the procedures for signature despite the end of the negotiations, and agreement on commercial terms of the contract because of the different economic project in the circumstances of the crisis, and this is what led to be considered as uneconomic under the terms of trade agreed upon earlier.
About two years ago In an interview with The Director of Shell oil company in Syria said that the future of Syria would not depend on new oil discoveries, but the site’s geographical location which give it an international passage vital for the transfer of gas between the two continents important, and this would be reflected positively on the provide for the needs of the country of gas, in addition to the revenue of its territory by the use of financial networks and pipelines to transport gas from the Middle East to Europe.
SPC seeks to maintain the normal production of oil as long as possible to the survival hopes with a list of a gradual increase production through the expansion of the exploration and development of existing fields produced using modern technology to increase cost-effectiveness of productivity.
Oil-industry executives here anticipate a surge of interest by international petroleum companies amid a recent thaw in the country’s diplomatic relations with the West.
Affected by the oil sector in Syria as prices fall in year-end 2008 and early 2009 in a country depends partly on where oil production is likely to impact this sector weighed on economic growth in general. Indeed, according the International Monetary Fund is expected to register a negative growth of the oil sector represented 1,9% – after he had recorded a lower percentage decrease in the year 2008 (0,1% -)
Thanks to high world oil prices at the beginning of last year.
Despite an emerging global consensus that oil prices are dangerously high, there seems little chance of the cost of oil falling significantly in the near future.
UN report estimated the geological reserves of crude oil in Syria about 24,101 million barrels, viable production disposable reserves of about 6,790 million barrels and remaining viable production reserve of about 2,7 billion barrels. It is noteworthy that the report is prepared by the United Nations Economic and Social Commission for Western Asia “ESCWA”
Developments , economic problems and bottlenecks at the global level in recent years, especially 2007-2008 represented in financial market volatility that led to the emergence of turbulence in international economics.
