Note that as of the end of May 2025 the UK has lifted all relevant Energy Sector sanctions by announcement in March and April 2025, and followed by the US General Release 25 issued in May 2025 and the European Union via Council Decisions in February and May 2025.
Since we first coined the phrase “Project Hope” back in 2018, Gulfsands has firmly believed that rebuilding a vibrant oil and gas industry, bringing together international best practice and investment, and nurturing local expertise and talent, can be a central pillar to helping Syria get back on its feet again. Given recent developments, this is truer now than ever and Gulfsands is determined to grab this great opportunity for the Company and for Syria.
Gulfsands recognises the critical role that the Energy sector can make to the reconstruction of Syria. Gulfsands has long advocated that Syria’s energy sector is vital for the rebuilding of the country and that meeting the country’s energy needs is vital to returning quality to the lives of millions of Syrians. In the medium term, oil and gas is the only indigenous industry that can generate important foreign currency revenues for the Syrian economy. As an established global market, the energy industry is traditionally one of the first industries that can attract material Foreign Direct Investment.
Returning will not only bring much needed energy supply revenue to the country’s treasury but will also bring employment, training and other economic activity to the region. It will also enable a widescale environmental clean-up that will help improve some of the chronic health issues that have resulted from recent unsophisticated oilfield practices.
We believe that by bringing the oil industry back under the control of the newly formed sovereign government in Damascus, through its long-standing institutions such as Syrian Petroleum Company and the General Petroleum Corporation, will enable the industry to rebuild itself. Such a robust structure, together with inviting formerly present International Energy Companies back to Syria under their existing agreements, and leveraging recent sanctions liftings and waivers to allow the free, transparent and legitimate flow of Syrian oil, including bone-fide, arms-length sales on the international markets where appropriate will enable Syria to benefit fully from its own natural resources.
We believe that Block 26 can increase production to over 100,000 boepd within the next few years and that, in turn, the industry as a whole could regain its former levels of production of 400-500,000 boepd. At $75 per barrel this could generate gross revenue of around US$14 Billion per annum.
