Syria to issue offshore gas exploration licenses.

Syria will publish tenders for four marine oil and gas exploration licenses.

Syria wants its share of oil and gas discoveries in the Levant Basin in the Eastern Mediterranean. Following Israel, Cyprus, and Lebanon, Syria will publish tenders for four marine oil and gas exploration licenses, reports "Dow Jones Newswires". The report is based on comments by Syria's Minister of Petroleum and Mineral Resources.

Syria will also grant eight onshore oil and gas exploration licenses during 2011. The marine tenders are scheduled to be closed within a month, after the original deadline was pushed back from September 15, 2010 to February 8, 2011. The onshore licenses cover 74,000 square kilometers in eastern and northern Syria.

Like Cyprus, Syria's oil and gas exploration regime is based on production sharing contracts (PSCs) between the state and the licensee. The licenses are not based on royalties, as in Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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