Damascus has signed a major oil and gas deal with Russian company Soyuzneftegaz which allows for offshore drilling, development, and production to take place in Syria’s territorial waters for the very first time.
The deal has a term of 25 years and is funded by Russia. It was signed at the Ministry of Petroleum and Mineral Resources in Damascus by the Syrian Oil Minister Abbas Suleiman, the Syrian General Petroleum Corporation and the Russian company Soyuzneftegaz Company.
Prospecting, will begin immediately, said the Syrian minister. Recent discoveries in the Mediterranean used to evaluate gas reserves to 38,000 billion cubic feet. According to the Oil and Gas Journal, Syria possesses the largest proven oil reserves in the Mediterranean, with 2.5 billion barrels.