Gulfsands Petroleum gets Syrian oil rights

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jan 27 2010

London-listed oil and gas company Gulfsands Petroleum announced that authorities in Syria consented to the development of the Yousefieh oil field.

Gulfsands Petroleum acts as the operator at Yousefieh. Syrian authorities granted the company a production license for 25 years with the possibility of a 10-year extension.

The company said it assessed the field in 2008, estimating the combined proven and probable reserves at around 11 million barrels of oil.

First oil from Yousefieh is expected by April, Gulfsands said. Production from two wells at the field should produce around 1,000 barrels of oil per day.

The field is producing at a current rate of around 17,300 bpd from existing production facilities. The field covers an area of around 3,100 square miles.

Production from Yousefieh is expected to reach 6,000 bpd by 2010. The company said it plans to revise the estimated gross reserves at the field during the second quarter of 2010

(UPI) Investors UK