Russian oil and gas company Soyuzneftegaz has signed an offshore exploration deal with the Syrian government.
According to the Syrian news agency SANA, the Russians will search for oil in the Syrian territorial waters in the area between Banyas city and Tartous city. The block covers approximately 2,190 square kilometers.
The deal will involve two stages. Under the first stage, Soyuzneftegaz will carry out seismic surveys to identify a potential drill site. Following the first stage, Soyuzneftegaz will proceed with drilling at least one exploration well. If the first well is successful, the Russians will carry on with further drilling and development and production operations.
The costs for the surveys and one firm well are estimated to be around $90 million, which will be fully funded by Soyuzneftegaz. [mappress] Offshore Energy Today Staff, December 26, 2013