Saudi companies to back Syria’s oil exploration drive
Four Saudi companies have agreed to develop oil and gas fields in Syria as the war-torn nation begins rebuilding its economy.
Taqa, Argas, Ades Holding and Arabian Drilling have signed agreements with the state-run Syrian Petroleum Company, the Saudi Press Agency reported.
The deals follow the ongoing cooperation agreement between Saudi Arabia and Syria in the energy sector, signed in July.
Saudi-listed Ades Holding will develop, operate and produce gas from five gas fields – Abu Rabah, Qamqam, North Al-Faydh, Al-Tiyas and Zumlat Al-Mahar – and associated facilities, as well as any additional areas agreed upon at a later stage.
Taqa signed a master service agreement to provide advanced services for the construction and maintenance of oil and gas fields and wells in Syria.
Argas and the Syrian Petroleum Company will jointly undertake 2D and 3D seismic surveying and related technical services to support exploration and drilling activities in Syria.
Arabian Drilling and Syrian Petroleum Company will work together for oil and gas drilling in Syria, including the leasing and operation of onshore drilling and workover rigs. The Saudi-listed company will supply the rigs, offer operational support and provide workforce training and development, a statement said.
Further reading:
- Syria working on oil refinery and natural gas exploration
- The 3S axis: Syria, Saudi Arabia and the SilkLink revolution
- $6.4bn of Saudi investment raises hopes for Syria’s recovery
Last month Syrian energy minister Mohammed Al Bashir said the country was working to rebuild its energy sector, including the construction of a new oil refinery and the exploration for natural gas.
In September the country exported 600,000 barrels of heavy crude, its first such official shipment abroad in 14 years.
Oil production is expected to reach 200,000 bpd, the government has said, adding that desalination plants will be built to address the country’s worsening drought.
In July US President Donald Trump signed an executive order terminating a US sanctions programme on Syria.
Ades Holding’s stock price is SAR17.20 ($4.59) and has dropped nearly 1 percent in the year to date.
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