Page 9 - MEOG Week 12 2021

MEOG POLICY MEOG

90% of Syrian oil in American hands

SYRIA SYRIAN Oil Minister Bassam Tomeh said last south, only to stumble because of the current
week that US forces have now taken control of sanctions in place on business activities in Syria.
around 90% of the country’s oil assets. US and Russian influence in Syria is separated
In comments carried by the local Aram News, by the Euphrates river, which acts as a conven-
he said: “The Americans and their followers are ient demarcation line to avoid conflict between
acting like pirates, as they are targeting the Syrian the two. However, this has prevented Russian
oil wealth and oil supplies,” presumably referring firm Mercury from accessing Block7 and 19, for
to the Kurdish Syrian Democratic Forces (SDF), which it agreed deals with Damascus.
which have received significant support from Such an issue would not be present in the
Washington. country’s offshore, though despite Tomeh
Tomeh noted that the country’s oil sector expressing optimism, maritime exploration is
has experienced total direct and indirect losses unlikely to happen any time soon, particularly
exceeding $92bn. given revelations about Israeli attacks on Iranian
He added that the oil sector has been targeted fuel cargoes to Syrian ports.
“chiefly because it is the main source of income Tomeh said: “We are looking forward to the
for the Syrian economy”. exploitation of oil reserves in our territorial
Last year, little-known US firm Delta Cres- waters, but oil exploration contracts are pricey
cent Energy received dispensation from the US and time-consuming.” He added: “We have a
Treasury Department’s Office of Foreign Asset bright oil future in these waters, nevertheless the
Control (OFAC) and signed a deal with the Syr- exploitation of oil reserves requires calm and sta-
ian Democratic Council and the Autonomous ble logistical conditions.”
Administration for North and East Syria cover- In 2013, Russian oil and gas firm SoyuzNeft-
ing all the fields near Al Hasakah in the far north- eGaz agreed a 25-year deal to carry out $90mn
east of the country, including Block 26 which worth of test drilling over several phases in the
belongs to London-based Gulfsands Petroleum, 2,190-square km Block 2, stretching between the
although it has been under force-majeure for a cities of Tartous and Banyas.
decade. Tomeh concluded: “There is a promis-
Meanwhile, several US firms had previ- ing future for the oil industry in the [Syrian]
ously sought to sign deals with the SDF for the waters. We need tranquillity and stable logistic
Hasakah fields and those in Deir Ezzor further circumstances.”™

Week 12 24•March•2021 www. NEWSBASE .com P9