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Croatian oil company discloses Syria gas find

DAMASCUS - Croatian oil company INA announced yesterday that it has discovered an estimated 15 billion cubic metres of gas reserves in Palmyra, 240 kilometres northeast of Damascus.

At a Press conference held jointly with Syrian Oil Minister Ibrahim Hadad, INA general manager Tomislav Dragicevic said Syria's gas output is estimated at 24 million cubic metres per day.

The announcement has raised expectations that the quantity would increase soon by around 10 million cubic metres due to the recently discovered gas in the north and west of the central region.

Dragicevic said gas will start to be exported this year, citing a contract signed with Lebanon in 2001, which provides for the export of 1.5 million cubic metres per day in the initial stage, rising to 6 million at a later stage.

He also indicated that there is a four way deal with Syria, Lebanon, Jordan and Egypt to establish an Arab link connecting those states, which is later to reach Turkey and Europe.

On January 17, the Syrian Oil Company signed a 10 million dollar contract with INA, authorising it to exclusively explore, develop and produce oil in northern Syria over a period of four years. The Syrian government will take 12.5 per cent of the total future oil production, according to the contract.