Syria- Norway Oil and Gas Exploration Contract finalized

A contract for the exploration of oil and mineral resources was signed Wednesday between the Syrian Petroleum Company ( SPC) and Norwegian D NOASA and English Dove Energy Oil Companies in the Region Seven.

The contract was signed by the Ministry of Petroleum and Mineral Resources Ibrahim Haddad, Director General of the SPC and Kenneth Hodwer Woft Director General of the joint Norwegian-British Company.

The contract provides that the government grants the SPC and the contracting company the exclusive right of oil exploration and its development. The preliminary period should be 36 months from the date of signing the contract. The contracting company has to spend $ 3.5 million for surveys and geological studies on a 500 KM area.

The Syrian share will amount to 65 percent and the contracting company 35 percent if production is less than 15,000 BPD, and the percentage will increase to reach 77 percent if the production amount is 100,000 BPD. As for gas, the production will be set according to the amount excavated.