VOL. XLVI

No 33

18-August-2003

SYRIA

President Asad Approves Devon/Gulfsands PSA For Block 26

President Bashar al-Asad on 10 August approved the production-sharing agreement (PSA) involving US independents Devon Energy (80% operator) and Gulfsands Petroleum (20%) for northeastern Block 26 (11,000 sq km) that was signed in May (MEES, 2 June). Under the agreement, the US firms are to spend $29mn during the 25-year exploration, development and production period, drilling eight new wells and shooting...