The company began drilling Safa-1 exploration well in the Khurbet East development on July 4, the Damascus-based General Petroleum, which oversees the industry, said in a statement on its website today.
The pre-drill resource estimate for the Safa area is calculated to be 27 million barrels of oil, Gulfsands said in a statement on July 11.
Gulfsands produces oil in Syria from the Khurbet East and Yousefieh fields from which output was in excess of 21,000 barrels of oil a day during June, the statement said. The company expects its production to increase to approximately 24,000 barrels a day by the end of 2011, it said.
Syria’s oil reserves are the ninth-largest in the Middle East, according to data from BP Plc, and the country is trying to halt its declining crude output.
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