Syria examines 23 offers for oil, gas exploration
Sun Jan 22, 2006
DAMASCUS, Syria, Jan 22 (Reuters) - Syria is examining 23 oil and gas exploration offers from 13 foreign companies that responded to a call for bids last April, Oil Minister Ibrahim Haddad said at a press conference on Sunday.
PetroCanada (PCA.TO: Quote, Profile, Research) submitted six offers, the highest number among bidders, to explore six of the nine blocks available for exploration. The company announced last month it will sell its existing Syria assets for $676 million to state-run companies in China and India.
Royal Dutch Shell (RDSa.L: Quote, Profile, Research) submitted two offers to explore blocks in the east and south of Syria, areas known as richest in oil.
Syria has been the target of a United Nations investigation into the murder of former Lebanese Prime Minister Rafik al-Hariri in a truck bomb in Beirut on Feb 14. A preliminary U.N. probe implicated top Syrian officials in the crime, though Syria has denied any involvement.
Foreign oil companies asked Syria to extend the original deadline for submitting their offers from November to December, after a formal report is made to the United Nations Security Council and the international community has a chance to react to the findings.
The Security Council threatened "unspecified action" if Syria failed to cooperate with the ongoing investigation.
Syria produces around 425,000 b/d and expects it might become an oil importer as early as 2008, analysts say. Exploration projects are part of an ongoing effort to forestall diminishing oil returns.
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