With oil supplies expected to deplete in the next 5-10 years, Syria is concentrating on development and exploration initiatives. Oil exploration activity in Syria has been slow in recent years due to unattractive contract terms by SPC, and poor exploration results. For these reasons, only four companies (Elf, Shell, Deminex, and Marathon) out of 14 operating in the country in 1991 remain in Syria at present.
However, under pressure from Shell and Elf Aquitaine, Syria has begun to take a more flexible approach to foreign oil contracts, demonstrated by the publication of a favorable consortium agreement which is likely to attract other foreign companies.
...
Despite a recent increase in exploration activity, only about 36% of Syria's estimated 800 potential oil and gas structures have been drilled. No major new oil reserves have been discovered since around 1992. Without significant new discoveries in the next few years, Syrian and foreign oil company officials (including Shell, the main foreign operator) believe that the country could become a net oil importer in the next 10 years or so.
From EIA Country Analysis Brief: Syria energy oil information, March 2000
See:
eia.doe.gov |
