Croatian oil company discovers Syrian gas

05 December 2002

Croatia's state oil company INAannounced on 4 December that it had made a significant discovery of natural gas fields in Syria. No figure was given for the size of the find, but a company official was reported as saying that the quantities were more than sufficient to warrant commercial exploitation. Following initial studies, INA will conclude an agreement with state-owned Syrian Petroleum Company (SPC) and production should begin in 2005.

INA has been active in Syria for some time. It exercised its option to extend the exploration and production-sharing agreement (EPSA) signed with SPC in 1998, covering the 4,900-square-kilometre Hayan field, by another two years (MEED 9:8:02). INA has invested some $30 million in exploration over the last four years, and will be required to spend a minimum of $10 million in the next two years.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.