Damascus, (SANA) – The Syrian Ministry of Petroleum and Mineral Resources signed the "Amrit" contract with Russian company Soyuzneftegaz for offshore oil drilling, development and production in block no. 2 of Syria's territorial waters.
The contracts covers oil exploration in the area between Tartous city and Banyas city at a depth of 70 kilometers, covering an overall area of 2,190 square kilometers.
The contract stipulates for beginning with surveys in the area and preparing studies to pinpoint potential drilling sites, with this stage costing over USD 15 million.
The second stage will involve drilling at least one test well and it will cost over USD 75 million, and if the operations are successful, the company will carry out further drilling, development and production operations.
The contract also includes benefits such as training staff at the Syrian General Establishment of Petroleum to create a qualified Syrian workforce.