Gulfsands finds more reserves in Syria

An oil company working in Syria announced the discovery of an oil and natural gas reservoir with an estimated 19.2 million barrels of oil equivalent. Gulfsands Petroleum, which has headquarters in London, said it encountered oil and natural gas at a field in northeastern Syria. The company said the reservoir characteristics confirmed initial estimates of 19.2 million barrels of oil equivalent worth of recoverable reserves. The company, which does most of its exploration in Syria, said it drilled seven exploration wells in Syria last year, four of which were oil discoveries. \"Four new production wells were drilled raising oil production to a level in excess of 24,000 barrels of oil per day by August, prior to the impact of European Union sanctions,\" the company said in a statement. Gulfsands said last year that sanctions limited access to equipment and technology needed for the Syrian oil and gas industry. Most of the companies working in Syria ended their work there last year because of sanctions. The U.N. Security Council debated a draft resolution meant to bring about political transition in Syria, which is in the grips of a 10-month civil conflict in which an estimated 5,000 lives have been lost. Gulfsands has continued working in the country almost non-stop despite the violence which began in March. Gulfsands announced in October it was instructed by Syrian authorities to keep oil production low in the country.