Country Report Syria January 2011

Economic performance: Oil bid round gets a strong response

The General Petroleum Corporation received 15 bids from a total of 13 oil companies for the eight onshore exploration blocks offered in its 2010 bid round (May 2010, Economic performance). According to the deputy oil minister, Hassan Zainab, as quoted by Bloomberg, the bidders included several companies already active in Syria: Suncor (Canada), Total (France), London-based Gulfsands Petroleum, China National Petroleum Corporation, Loon Energy (Canada) and US-based IPR. The new entrants to the market included Eni (Italy), Sea Dragon Energy (Canada), US-based Flournoy Oil and Gas, the Dana Gas (UAE), Pico International (Egypt) and Hadi Bouchmaoui (Tunisia). The blocks are to be awarded in the first quarter of 2011. The government has also announced plans to invite bids to explore a number of offshore blocks next year. Syria's oil production has stabilised at about 370,000 barrels/day, as new production from fields operated by Gulfsands has offset the continued decline of some more mature fields.

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