Page 7 - MEOG Week 06 2022
P. 7
MEOG PRICES & PERFORMANCE MEOG
Syria racks up oil losses from war
SYRIA SYRIA’S Ministry of Petroleum and Mineral of crude oil are extracted from fields in the prov-
Resources this week revealed that the country’s inces of Al Hasakah, Raqqa and Deir ez-Zor.”
oil sector has lost more than $100bn since the The ministry added that gas production is
ongoing civil war began in 2011. running at a rate of 12.5 mcm per day. Of this,
Over the period, the ministry said that the 79% was delivered to the Ministry of Electric-
total combined losses amount to $100.5bn, ity, 15% to the Ministry of Oil and Mineral
without providing clarity over whether this fig- Resources and 6% to the Ministry of Industry.
ure relates to damage to infrastructure, loss of The country’s two refineries at Homs and
revenues or both. Baniyas processed a combined total of 5.7mn
From the country’s proven reserves of 2.5bn tonnes (114,000 bpd) of products, comprising
barrels of oil and 241bn cubic metres of gas, oil 944,000 tonnes (21,800 bpd) of premium gaso-
production was running at around 375,000- line, 11,000 tonnes of regular gasoline, 1.52mn
400,000 barrels per day (bpd) and gas at around tonnes (31,000 bpd) of diesel, 2.73mn tonnes
35mn cubic metres per day before civil war (48,300 bpd) of fuel oil and 77,000 tonnes of
broke out in 2011. The ministry said that during asphalt.
2021, oil output averaged 85,900 bpd, of which On a more positive note, Oil and Mineral
only 16,000 bpd reached the country’s refineries, Resources Minister Bassam Tohme announced
alleging that the remainder was being “stolen by at the weekend that a new gas field had been dis-
the US occupation forces and their mercenaries covered with the Zamlat al-Mahr 1 well at Pal-
from the occupied fields in the eastern region”. myra near Homs.
Meanwhile, a Russian Foreign Intelligence The ministry said that evaluation work would
Service report on February 8 said: “Washington establish the level of gas expected to flow from
is still actively involved in the illegal trade in oil the field into the national gas grid, while more
from the occupied territories of north-east Syria. wells will be drilled in the hope of expanding the
Every month, up to 3mn barrels [100,000 bpd] discovery.
Week 06 09•February•2022 www. NEWSBASE .com P7
