Gulfsands Struggling To Regroup More Than Two Years After Losing Syria Assets

UK-based Gulfsands Petroleum, which exploited its deep ties to the Syrian regime before the start of the civil war to secure a foothold in the country’s upstream sector, says that it has not received any significant revenues – from any source whatsoever – since declaring force majeure at its Syria operations, Gulfsands’ only producing asset, in December 2011.

Gulfsands’ working interest from its Syria operations totaled about 8,500 b/d in 2011, down from 10,300 b/d in 2010.

In a corporate update issued at the end of June, Gulfsands suggests that it remains hopeful that it can salvage its infrastructure at Syria’s Block 26 (Gulfsands is operator with 50%, Chinese state firm Sinochem has the other 50%) in Hasakah province in the far northeast of the country. (CONTINUED - 984 WORDS)