Syrian oil and gas reserves unlawfully exploited to the tune of $3.8 billion, according to Gulfsands report
In the ongoing efforts to rebuild Syria, a significant player in the country's energy sector, Gulfsands, has expressed its readiness to invest once a safe, secure, and transparent framework is established.
The company's renewed interest comes amidst the implementation of an 8-Point Framework agreement, a detail of which remains unspecified. The implementation of this framework is considered a crucial condition for Gulfsands to resume operations and invest extensively in Syria.
Bell, from Gulfsands, underscores the importance of managing Syria's resources legally, transparently, and under central government control to ensure fair distribution across all regions. This approach, he believes, is essential for the country's recovery and could potentially boost Syria's oil production from the current 80,000 barrels per day to as much as 500,000 barrels per day, generating billions of dollars in annual revenue.
However, it's important to note that the Syrian Ministry of Energy has not been included so far in the implementation of the 8-point framework agreement.
Meanwhile, the Syrian Democratic Forces' (SDF) alignment with Israel could make a Turkish military operation in Syria more likely, potentially affecting the stability of the region and the future of investments like Gulfsands.
Gulfsands' readiness to invest could attract international energy companies and vital foreign direct investment back to Syria, contributing significantly to the nation's economic recovery. Yet, the renewed push by the US to prevent conflict in Syria could potentially impact the company's decision to invest.
In addition to economic benefits, Gulfsands has also emphasized the need for a centralized Syrian national energy strategy. Such a strategy, they believe, could finance reconstruction, generate export revenues, and provide employment opportunities, further aiding Syria's recovery.
The environmental impact of unregulated extraction in Syria cannot be overlooked. The Syrian people have suffered severe environmental damage, leading to widespread health problems such as respiratory diseases, skin conditions, and cancers. A centralized energy strategy, therefore, could also help mitigate these environmental concerns.
As the situation in Syria continues to evolve, the role of companies like Gulfsands in its economic recovery and sustainable development remains a topic of interest and importance.
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