Syria signs $ 14.4 million contract to find new oil
Posted: 22 August 2005
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Syria signed a 14.4 million dollar contract with Canadian and Kuwaiti oil companies to explore for oil and gas in the central region of Palmyra.
The 25-year contract calls the Stratic Energy Company of Canada , and the Kuwaiti Company for Foreign Oil Exploration to carry out geological, geochemical and geophysical seismic scanning in three phases.
Under the contract the two companies will drill one vertical oil well in each phase and spend 50,000 dollars annually to train employees of the Syrian Oil Company throughout the period of the contract and pay 9 million dollars in bonuses to employees depending on the size of production.
The Syrian government gets 12.5 per cent of the full oil output, while 40 per cent of production will go to cover expenses.
The contract was signed by Syrian Oil Minister Ibrahim Hadad, Stratic Energy Company president Hugh Ross, and Abdullah El Neibary from the Kuwaiti oil company.
Posted by Editor Pipeline Magazine
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