S&P Global Interview

Gulfsands Managing Director, John Bell, spoke to Lauren Holtmeier at S&P Global last week on the urgent need for international backing to revitalise Syria’s energy sector. 

As he discussed, Syria’s oil and gas fields and its energy infrastructure – once the lifeblood of its economy – have been badly damaged and neglected in recent years. Gulfsands’ own Block 26 has been haphazardly and unlawfully operated by the People’s Defense Unit (YPG) since 2017, with little regard for the environment or wellbeing of the local populations, and – with revenue disappearing into the black market – little or no financial benefit for the Syrian people. 

John explained to Lauren that a revitalised oil and gas sector will be “critical for moving the needle in terms of providing significant revenue to fund early recovery, to accelerate reconstruction and to support the huge humanitarian needs of the Syrian people”. For this to happen, international sanctions must be lifted and/or amended to allow international operators such as Gulfsands to return – with effective coordination and oversight from reinforced central institutions, including the Ministry of Oil and Mineral Resources, the Syrian Petroleum Company, and the General Petroleum Corporation. It is critical to end this situation whereby there is a black market controlled by the YPG. 

In addition to generating revenue for the country, rebuilding Syria’s indigenous supply of oil and gas will also help provide a level of energy independence, alleviate the chronic energy shortages in Syria, and meet the drastic need for fuel for heating and transportation. 

Gulfsands is glad to see that the current sanctions are a top priority topic to be resolved between the new Syrian government and those governments imposing the sanctions. We hope that progress is made on this matter for the sake of the Syrian people in the near term. 

Please have a read of the full feature, including the interview with John, at: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/011725-feature-syria-seeks-to-rebuild-oil-and-gas-industry-but-needs-western-backing 

Full interview PDF here.