The Minister of Oil Ali Ghanem gave a presentation on the Ministry’s vision for its plan and projects for the coming years.
“The ministry is seeking to reach the output of 219 thousand bpd of oil and 24.5 million m3 gas per day by the end of 2019. But at first, the oil production should increase up to 70 thousand barrels per day of oil and 19 million m3 of gas per day by the end of 2018” the minister said. Until the end of the year according to Ghanem, the ministry has to produce about 20 thousand barrels of oil and 16 million cubic meters of gas per day.
The natural gas reserves in Syrian territorial waters are estimated to be something in the range of 1250 billion cubic meters. They were divided into five blocks that will be exploited in cooperation with friendly states. The exploration and drilling works are to begin in early 2019.