Syria's oil production has fallen to about 360,000 barrels per day as the pace of decline from mature fields operated by the Shell-led Al-Furat Petroleum company continues to take its toll, writes Nassir Shirkhani.
Oil Minister Sufian al-Alou said the bulk of oil production came from state-owned Syrian Oil Company (SPC), which is pumping 196,000 bpd followed by Al-Furat with output of 120,000 bpd. France's Total is producing 30,000 bpd, while a number of small producers such as Canada's Dublin International account for the remainder.
The decline from Syria's ageing fields, operated by Al-Furat, is bound to continue in coming years as production of easy oil nears the end.
Al-Furat, a joint venture of Shell, SPC, India's Oil&Natural Gas Corporation and China National Petroleum Corporation, was pumping more than 180,000 bpd three years ago. Its declining fortunes have had the greatest impact on Syria's total oil output, which stood at more than 480,000 bpd in 2003.
SPC has managed to sustain its production at current levels in recent years, but it is only a matter of time before its output peaks, setting the stage for declines from maturing fields.
The maturing of SPC's fields is bound to accelerate the pace of decline and drive Syria's overall oil production even further, and the country is expected to become an oil importer in future unless it finds new reserves.
A number of foreign companies are now shooting seismic on recently-awarded exploration blocks that could lead to discoveries.
However, recent exploration campaigns have fallen short of expectations, with diminishing prospects of oil and gas discoveries.
By NASSIR SHIRKHANI
© Upstream 2008
