15.000
%
Negative
123
mm boe
63
%
Syria continues to be ravaged by a civil war, which is compounded by Russia's presence. Until such times as the war subsides and sanctions are lifted, the region will be difficult to operate.
May 1, 2024
Middle East
mm bbl
bcf
Middle East, bordering the Mediterranean Sea, between Lebanon and Turkey
Multiple (PSC/Concession)
Companies operating in Syria generally do so under the terms of a Production Sharing Contract ("PSC"), first introduced in 1985, although Service Contracts also exist. In the event of a commercial discovery, a joint venture operating company, owned 50% by state oil company SPC and 50% by the contractor, is established. The contractor retains 100% equity in the contract and funds all exploration, capital and operating costs. Royalty rates are fixed for oil and gas, at 12.5%. Cost recovery ceilings are biddable and usually restricted to a specific maximum. Profit oil splits are negotiable, and usually sliding-scale based on production levels, hydrocarbon type and area prospectivity.
According to an UN estimate, the death toll among Syrian Government forces, opposition forces, and civilians was over 1mm, though other estimates places the number higher. Approximately 13mm people were in need of humanitarian assistance across the country, and an additional 5.7mm Syrians were registered refugees in Turkey, Jordan, Iraq, Egypt, and North Africa. The conflict in Syria remains one of the largest humanitarian crises worldwide.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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