Ministry of Oil and Mineral Resources and Syrian Oil Company of signed on the extension of contracts for development of the al-Furat fields with Shell Syria for Petroleum Development and its partners for a period of ten years.

The agreement was signed by Syrian side Eng. Sufian Alao Minister of Oil and Mineral resources, Eng. Omar Al-Hamad, director general of Syrian Oil Company and Olla Maclestad Managing Director of Shell Syria.
The oil minister told reporters after the signing that Shell company has over forty years of partnership and work in producing large part of oil and became a major producer in Syria, pointing out that Shell’s production in al-Furat fields hit around 2100 million barrels of oil.
The minister said there had been an agreement with Shell to extend the contract and continue cooperation for 10 additional years, after long negotiations and studies data pointed to the presence of additional quantities of oil can be extracted using modern techniques and experiences which are distinctive . Shell offered to the Syrian Oil Company to produce this al-Furat quantities and raise to the highest possible rates.

The minister said that Syrian Oil Company has achieved many positive benefits through negotiations to extend contracts mainly to increase the share of the Syrian side by 3 percent and obtaining a grant from Shell to support social development in the area of operation al-Furat estimated at 30 million dollars over ten years in addition to the 4 million Dollars for the rehabilitation and development of refineries in Syria.
Shell also will pay the cost and expenses of experimental projects to demonstrate the economic feasibility of it.
For his part, Michaelstad that Shell is looking forward to continue supporting the partnership and maintaining a cooperative relationship and partnership with the Syrian government through the Ministry of Oil and Mineral resources , pointing out that the extension of contracts with the Syrian Oil Company would give Shell an opportunity continuing to work with national companies to develop domestic energy sector and sustain success al-Furat company .
The signing ceremony was attended by, Dr. Hassan Zeinab Minister Assistant of Oil and a number of general directors and heads of boards of directors of oil companies in Syria and some managers involved in the Syrian Oil Company.