Syria to increase oil output, Petroleum Minister says

Eng. Sufian Allao Minister of Oil and Mineral Resources said on Sunday  there are wide horizons to increase the output and produce more quantities of the oil exploration in Syria, particularly with the existence of good reserves of oil and gas with the potential of finding new wells.

The overall reserve of petroleum and gas in Syria is estimated by 44 billions barrel, and the quantities available for production now are 9 billions, 5.3 billions were produced till today and the remaining 4 billions barrels will be produced during the next years,” the Minister said during a press conference on the situation of petroleum in Syria.

He added that the production average of oil in Syria reached at 380.000 bpd in 2007 according to daily statistics and the production of gas rose to 20 millions cubic meter per day, saying ” Ministry of Petroleum is planning to preserve this level of production during the current year.

The minister said that many  companies that have been contracted in recent years for prospecting and exploration for oil completed preliminary studies and started digging and got some positive indications of the presence of oil in commercial quantities, such as the Russian oil company come to prospect in the Albuqmal which has made some Oil discoveries under study.

And on the prices of petroleum products after the adjournment and the impact on the national economy, Allao stressed that the decisions to modify the sale prices of petroleum products contributed to the reduction of demand and consumption to rationalize adding that consumption

actually decreased the incidence of petrol and diesel since the last modification which contributed to a reduction in import volumes and thus reducing the deficit in particular With the rise in world oil prices, which naturally reflected on the prices of derivatives

With regard to the gas production and investment minister pointed to the importance of gas as a source of energy-friendly environment where investment is kind of gas facilities for oil and gas free and is currently being treated in the four plants with supposed power by 31 million cubic meters a day and under way for four new plants could 16 million Cubic meters per day and is expected to be completed in 2010 estimated the production of clean gas consumers recognized currently about 12 million cubic meters per day, equivalent to 75 thousand barrels of oil equivalent and concentrated use in power plants and nitrogen fertilizer plant .Homs refinery is scheduled to increase the quantities of gas after the completion of the local clean New plants to about 26 million cubic meters per day.

On the refineries, oil minister announced the development of Banias refinery several times and received an offer from a major group of companies for the development of the refinery so that the refinery products compatible with European standards and produce more products from white to black, pointing out signing of three agreements to establish the first new refineries refinery jointly with both Iran and Venezuela and Malaysia in the area in Homs can Alfrqls 140 thousand barrels and the second with the Chinese side in the governorate of Deir Al-Zour site could Abu Khashab 100 thousand barrels per day of refining heavy oil and third with Noor Financial Investment Kuwait in AbuK hashab can 140 thousand barrels per day of refining heavy oil.
Syria Oil