Tatneft, Three Other Oil Companies to Spend $25 Million in Syria

OAO Tatneft, INA Industrija Nafte DD, Gulfsands Petroleum Plc and Suncor Energy Inc. plan to spend a total of $24.8 million by 2013 exploring for oil in Syria, the nation’s General Petroleum Corp. said on its website.

Russia’s Tatneft will spend $12.8 million to drill two exploratory wells and conduct seismic surveys in Block 27, an area bordering Iraq, according to General Petroleum, the state- owned company that oversees oil operations in Syria.

Croatia’s INA, which operates Block 10 in the west of the country, will spend $5 million to drill one well, according to the website. U.K. explorer Gulfsands, operator in Block 26, will spend $4 million to drill two wells, it said.

Petro-Canada, a unit of Suncor, Canada’s largest oil and gas producer, will spend $3 million on one exploratory well in Block 2 of northeastern Syria.

To contact the reporter: Lina Ibrahim through the Dubai newsroom or mchmaytelli@bloomberg.net

To contact the editor responsible for this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net

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