Boost Western Oil Companies in Syria – Gulfsands CEO’s Bold Idea!

Syria’s Potential: The Call for Change

The head of Gulfsands, one of the most prominent Western oil companies operating in Syria, has raised an important issue regarding sanctions that could potentially revitalize the country’s oil industry. In a recent statement, John Bell, the managing director of London-based Gulfsands Petroleum, emphasized the necessity of amending sanctions to allow international operators to re-enter the market, ultimately increasing oil production and facilitating Syria’s recovery process.

Key Details:

• Before the imposition of sanctions in 2011, Syria’s oil production had reached about 400,000 barrels a day. However, due to the sanctions, this number has drastically plummeted to around 80,000 barrels per day.
  • Gulfsands Petroleum, specializing in an area known as Block 26 in north-east Syria, refers to its interests there as its “core assets.”
  • The company, through a joint venture with China’s Sinochem, was producing over 20,000 barrels of oil daily.
  • Bell highlighted that allowing international companies to re-enter Syria with proper legal frameworks and safeguards could significantly impact increasing production levels and stabilizing the country’s economy.
  • Gulfsands has ceased to generate revenue from its Syrian operations due to the sanctions, with illicit extraction in the region further complicating the situation.

Looking Ahead:

Bell stressed the importance of the oil and gas industry in providing the necessary revenue to rebuild Syria and jumpstart vital humanitarian projects. By legalizing oil production and allowing Western companies to return, Syria’s production could, once again, reach prior levels, subsequently revitalizing its economy.

It is imperative to monitor revenue flows and ensure they are utilized for reconstruction and humanitarian efforts. Companies like Gulfsands are seeking an opportunity to re-engage in Syria’s oil sector to drive sustainable growth.

As conversations about lifting sanctions and welcoming back international oil companies continue, the prospect of rebuilding Syria’s oil industry becomes more viable. This effort could not only stabilize the economy but also lay the groundwork for a more prosperous future for the Syrian people.