Syria looks to Libya oil deal as blueprint to access vital revenue stream

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An interesting recent article in the Al Majalla news journal, which questions whether Libya's success in reaching a national agreement to increase oil exports despite internal divisions, could be used as a model for achieving a similar result in Syria.

The article explores the situation in each country and how lessons from Libya may be applied to Syria, including by soliciting the help from other Arab countries and major world powers.

The article refers to the recently surpassed $3 billion milestone of unauthorised production from Block 26 as well as Gulfsands’ Project Hope initiative, the Humanitarian and Economic Stimulus initiative whereby international energy companies would return to operations in northeast Syria, with allocated revenues from oil sales deposited in an internationally administered fund and disbursed to finance early recovery, humanitarian, economic and security projects across the country – for the benefit of all Syrian people.

We believe that production in Syria could be raised to 500,000 barrels per day could generate between $15 billion and $20 billion in annual revenue which would help financing medical and educational facilities and creating job opportunities.

If lessons can be learnt from what happened in Libya, to help implement Project Hope, then we at Gulfsands whole heartedly support such an initiative.

Please let us know what you think about the article and potential parallels that might assist Project Hope implementation.

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