Syrian General Petroleum Co. has granted Gulfsands Petroleum PLC permission for commercial development of the Khurbet East Triassic Butmah formation in Syria 12 miles southwest of Souedieh oil field.
The timing of development and production will depend on withdrawal of relevant European Union sanctions, Gulfsands noted.
Oil and gas volumes can be recovered within a newly designated development license area over 25 years, with a 10-year extension option. The designated area covers the same land area as that previously granted in 2008 for the development of the Khurbet East Cretaceous Massive and Triassic Kurrachine dolomite formations (OGJ Online, June 7, 2007).
Gross recoverable volumes from the Butmah are estimated at a median of 8.8 million bbl of 34° gravity oil and 62 bcf of casinghead gas at 2,850 m.
Gulfsands is operator with 50% working interest, and Emerald Energy PLC, a subsidiary of Sinochem Resources UK Ltd., has 50%.