Gulfsands to develop Syria's Yousefieh oil field

Gulfsands Petroleum PLC expects to bring Syria’s Yousefieh oil field on stream in early April.

By OGJ editors
HOUSTON, Jan. 28
-- Gulfsands Petroleum PLC expects to bring Syria’s Yousefieh oil field on stream in early April. Gulfsands holds 50% interest and is the operator.

Recently, Syrian authorities granted Gulfsands a 25-year production license and a 10-year extension option. Yousefieh is 3 km east of Khurbet East field.

Production of 23º gravity oil is expected from two wells, Yousefieh 1 and Yousefieh 3, at an initial combined rate of up to 1,000 b/d.

Planning is under way to install permanent down-hole artificial lift equipment in both Yousefieh wells this year.

Yousefieh, on Block 26, was discovered in November 2008 (OGJ, Nov. 24, 2008, Newsletter).

At yearend 2008, Yousefieh was estimated to contain 11 million bbl of proved plus probable reserves. Gulfsands plans to issue a reserves update during the second quarter 2010.

Another development well on Yousefieh is planned for 2010. Gulfsands anticipates Yousefieh production will reach about 6,000 b/d by 2012.

More in Home