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Now that there is unrest in Syria and the West not too well disposed, it might affect the oil finds!IPR Finds Oil at Three Syrian Test Wells, Starts Drilling Fourth
IPR Mediterranean Exploration Ltd., a subsidiary of Texas-based Improved Petroleum Recovery Group of Companies, found oil at three test wells in eastern Syria.
IPR made discoveries at the Abu Khashab-1, Abu Khashab-2 and South Abu Khashab-1 wells in Block 24, project partner General Petroleum Corp. said in a statement on its website. The explorer started drilling the Abu Khashab-3 well on May 30, General Petroleum said without giving more details.
IPR has produced oil in Syria since 2010 through Al Rasheed Petroleum Co., a joint venture with Syria's state-owned General Petroleum, according to the statement.
Syria is seeking foreign investment to help stabilize crude output this year at 386,000 barrels a day, Oil Minister Sufian Alao said in March. Production peaked at 583,000 barrels a day in 1996 and the country will deplete existing reserves within 18 years, according to calculations by BP Plc. ..........
IPR Finds Oil at Three Syrian Test Wells, Starts Drilling Fourth - Bloomberg
Hopefully one does not see a Libya happening in Syria.
The initial reactions seem similar.