EXPLORATION

Foreigners grab Syrian exploration rights

Syria has awarded five foreign oil companies exploration rights as part of attempts to increase i...

Syrian Oil Minister Ibrahim Haddad said Shell won a licence in the Damascus-Palmyra region while a group led by India's ONGC Videsh (OVL) was awarded block 24 that covers 2800 square kilometres.

OVL had submitted its bid in partnership with Texan-based exploration company IPR. The two partners plan to spend up to $US7 million on seismic acquisition and drilling two wells in the first phase of exploration in the block.

Although details remain sketchy, it has been reported that US-based Ocean Energy and Canada's Stratic Energy have also been awarded exploration rights with Stratic putting in bids for blocks 12 and 17.

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