Gulfsands Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union (EU) sanctions on oil production in Syria.
Gulfsands Petroleum (LON:GPX) has declared force majeure on its operations in Syria due to the recent imposition of sanctions by the European Union.
Chinese state-controlled Sinochem and UK-listed explorer Gulfsands Petroleum have shut down their oil operations in Syria following European Union sanctions related to the crackdown on the uprising against the rule of President Bashar al-Assad, Gulfsands said.
Suncor Energy Inc. has pulled back from its operations in Syria.
The company, which employs just over 100 foreign and national workers in the country, expects to extract expatriate staff in the coming few days. It will continue to pay Syrian employees, but has told them to halt work at its operations there.
Gulfsands Petroleum said it was reviewing the impact of the latest EU sanctions on Syria on its production activities and on its contracts with the Syrian government and the General Petroleum Corporation (GPC).
French oil major Total has informed the Syrian authorities it will stop production in the country in accordance with European Union sanctions, a company spokesman said on Monday.
Financial Times Newspaper said that Royal Dutch Shell will “cease” activities in Syria after the European Union blacklisted three state-owned oil companies.
Oil majors Royal Dutch Shell and Total have slashed Syrian oil production as international sanctions make exports impossible, industry sources told Reuters.
Canadian Loon Lattakia Limited Co. on Wednesday denied reports by some media stations that it suspended its activity in Syria, describing the reports as untrue and baseless.
Canada’s Mena Hydrocarbons Inc (MNH.V) said drilling of the Itheria-1 well at Block IX in Syria has been suspended due to political turmoil in the country, sending its shares down as much as 35 percent to a three-year low.
