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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (285)	5/20/2000 10:06:00 PM
From: Tomas	Read Replies (1) \| Respond to of 500

Syria gas project to be completed by July 2001 By Issam Hamza DAMASCUS, May 20 (Reuters) - U.S. energy group Conoco and its joint-venture partner Elf of France are expected to complete construction of a $430 million gas project in northeastern Syria by September 2001, oil industry sources said on Saturday. They told Reuters the first stage of the project, involving the development of natural gas resources and building natural gas infrastructure, would be completed by July 2001. Conoco and Elf each hold a 50 percent interest in the projects, with Conoco serving as the lead operator. The project is Conoco's first in Syria. Conoco is a major integrated energy company based in Houston, Texas. Elf is part of Belgo-French oil giant TotalFinaElf. The sources said that Syria's Oil Minister Mohammed Maher Jamal stressed the necessity of completing the project within the assigned timetable and to put it in commercial producton to serve the national economy. Under the contract, the Conoco-Elf partnership will construct pipeline and plant facilities to gather and process 175 million cubic feet a day of associated natural gas from oil fields in the Dayr Azzawr region of northeastern Syria. The project also includes the development and recycling of 280 million cubic feet per day of gas from the Tabiyeh gas condensate field in the same area. A total of 150 million cubic feet per day of residue gas from the combined facilities will be transported through a new 250 km (155 mile) pipeline that will connect to an existing delivery system that serves western Syria, including the Damascus area. ``This project provides a platform for Conoco's future growth in Syria and increases our company's presence in the Middle East,'' a Conoco official said. ``Demand for natural gas within Syria is far exceeding the country's capability to provide supply. This coupled with the fact that Syria's energy strategy relies heavily on substituting natural gas for oil in power generation, make it a very attractive and environmentally beneficial venture,'' he told Reuters. The official also noted that the associated natural gas being gathered from the oil fields of Dayr Azzawr region is now being flared. ``When the project is completed it would allow Syria to stop flaring gas from its oil and gas fields in the Dayr Azzawr area in northeast Syria near the Iraqi border,'' one source said . Oil industry sources said Syria might export part of the gas produced by the new plant to Lebanon in accordance with a contract signed by the two neighbouring countries under which Syria would supply Lebanon with 1.1 billion cubic meters of gas per year. Elf already operates in Syria through its Elf-Hydocarbons Syria unit, which currently produces 60,000 barrels per day of crude oil from oilfields in northeast Syria, where the new project is located. Elf is currently negotiating with the Syrian government to develop an oilfield in northeast Syria to increase its production to 150,000 barrels per day (bpd) from 85,000. Syria produces around 12 million cubic meters of gas per day. Production is expected to increase to 18.2 million when new gas projects are completed by he end of this year. It also produces around 600,000 barrels of crude oil of which some 32,000 bpd are exported to the world markets. biz.yahoo.com