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Syria restarts oil flows as Damascus regains key production assets

Syrian Petroleum Company has resumed crude transfers from the Omar and Tanak areas to the Baniyas refinery, with onshore gas rehabilitation linked to targets of 4 million to 5 million cubic meters per day.

Reported · Written up by our desk · Energy

Syrian oil output is edging back as the Syrian Petroleum Company, or SPC, methodically restores control and logistics over existing production assets, with most fields concentrated in Deir ez-Zor and Hasakah in the northeast. According to OilPrice, Damascus lost those northeastern areas during the civil war to the Kurdish-led Syrian Democratic Forces, but an January military offensive against the SDF enabled SPC to recover major Deir ez-Zor holdings including the Omar field, the Tanak oil field, and the Conoco gas field. OilPrice reports that SPC restarted the transfer of crude from Omar and Tanak to the Baniyas refinery, while Damascus also took control of key Hasakah assets such as Rmeilan and Sweidiya. SPC teams began taking them over in February, and crude from Rmeilan and Sweidiya started moving to the Homs and Baniyas refineries in March, with HKN Energy preparing to begin operations at the Rmeilan fields by June.

OilPrice also notes that Gulfsands confirmed SPC took custody of Khurbet East and Yousefieh in late February or early March. Separately, ConocoPhillips has returned under a June agreement with SPC and Novaterra Energy to rehabilitate onshore gas fields and develop new production, targeting an additional 4 million to 5 million cubic meters of gas per day within the first year, roughly 140 million to 170 million cubic feet per day.

Latest closeWTI crude $81.19 ▼2.5%

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