British Gulfsands Petroleum company looking for return to Syria

British Gulfsands Petroleum company announced its desire to return to the exploration and production sector in Syria, with the aim of increasing daily oil production, indicating estimates of reserves exceeding one billion barrels.

The oil sector in Syria is witnessing a new renaissance, coinciding with the approaching lifting of sanctions that have affected the country for the past 14 years.

This development is expected to contribute to meeting local oil needs, in light of the approaching lifting of sanctions.

The British company said it plans to raise oil production to 100,000 barrels per day, stressing that this step comes as part of its efforts to resume its operations that were halted due to sanctions.

It’s noteworthy that the company had prepared an executive plan in 2023 to resume its activity in Syria, but the imposed sanctions prevented it from implementing it.

Gulfsands’ CEO expressed his optimism about improving conditions and lifting sanctions, which will help provide a suitable environment for the return of expertise, equipment and workers, as part of the reconstruction efforts in Syria.

According to a report issued by the specialized energy platform, oil production in Syria has declined to less than 100,000 barrels per day, compared to 400,000 barrels per day before 2011.

Gulfsands is one of the most prominent companies operating in the Syrian oil sector, owning a 50% stake in two fields in Block 26, in addition to its partnership with the Chinese company Sinochem.

The company estimates that the recoverable reserves in this block may exceed one billion barrels.