Offshore logo
Gulfsands declares force majeure in Syria
Posted 12.12.2011 11:19:02 av John Bradbury
Vis RSS feed
Send nyhet til en venn
Field developer Gulfsands Petroleum has declared force majeure on its assets in Syria after the European Union imposed new sanctions on the regime there.

Gulfsands has taken the action over its block 26 assets in the country, from which it derives most of its income, in a 50/50 partnership with Emerald Energy.

The action follows the decision of the EU to impose further sanctions on Syria in the wake of the continued political unrest there.  Those amended sanctions now include Syria's General Petroleum Company, the government vehicle for oil and gas investments in the country, including block 26  - and effectively Gulfsands' partner in Block 26.

“The fundamental effect of the additional sanctions is to preclude the group, until further notice, from engaging in activities, including funding activities, connected with the production, delivery or sale of crude oil from its Block 26 fields,” Gulfsands declared today.

Effectively, with the declaration of force majeure, Gulfsands says it can no longer expect to receive any revenue from its Syrian assets for the foreseeable future, but the company points out that it is  debt free and has US $120 million n cash at its disposal.

And it has pledged to retain around 100 staff employed by the company either in the capital Damascus and at the block 26 fields, and keep them on full pay.

Advertisement
Latest news

Asset integrity expertise bought

British-based engineering expertise has been bought up by Norway's Aker Solutions to boost its integrity analysis for oil and gas assets.

[Les mer ] Company news

Sound signals big Italian gas

London-listed Sound Oil has logged a big new gas find in Italy.

[Les mer ] Exploration

Aker anchors new accommodation unit

A new offshore accommodation unit under construction in China is to be fitted with a mooring system supplied from Norway.

[Les mer ] Contracts

Big gas at Bianchi 1

Austria's OMV has reported a major new gas find while drilling offshore Australia following on from its earlier Zola discovery.

[Les mer ] Exploration

New drilling near Johan Castberg

Swedish explorer Lundin Petroleum has kicked off a new exploration well in the Norwegian sector of the Barents Sea.

[Les mer ] Exploration

Irish data acquisition underway

Seismic data acquisition has kicked off on a newly allocated Irish Frontier Exploration Licence.

[Les mer ] Exploration

Profilerte stillingerAlle stillinger »
Profilerte selskapFra OffshoreX.no
OFFSHORE.NO AS Logo

OFFSHORE.NO AS

Nordens største nyhetsleverandør til olje- og gassbransjen.

Se profil | offshorex.no
KVALE ADVOKATFIRMA DA Logo

KVALE ADVOKATFIRMA DA

Kvale is a top tier business law firm and has shown consistent organic growth since the establishment in 1988. The firm advises on all aspects of business law. Oil and gas has throughout the firm's history been a vital part of our activities. We advise major oil companies and other participants in the petroleum sector, and are recognized for our excellent understanding of the oil and gas business.

Se profil | offshorex.no
MTI TECHNOLOGY AS Logo

MTI TECHNOLOGY AS

MTI Technology ble stiftet i 2012. Ansatte i selskapet har erfaring opparbeidet gjennom mer enn 25-års drift i MTI AS, med arbeid innen løftopperasjoner, sertifisering og periodisk kontroll av løfteutstyr, on-/offshore. Vi ønsker å være nytenkende innen prøveløft produkter. Vi vil ha stor variasjon av produkter for å utføre prøveløft i forskjellige prosjekter.

Se profil | offshorex.no
OFFSHOREX AS Logo

OFFSHOREX AS

OffshoreX AS har som mål å strukturere nasjonale aktører innenfor olje og gass inn i et nettverk som arbeider mer effektivt og gir bedre løsninger for både kjøpende og tilbydende selskaper. Vi har inngått samarbeid med offshore.no, nordens største nyhetsside for Olje og Gass bransjen. OffshoreX nettverket er integrert i offshore.no, noe som sikrer våre medlemmer god synlighet.

Se profil | offshorex.no
BD Oil & Gas Logo

BD Oil & Gas

BD Oil & Gas, a division of Brødrene Dahl, is a Norwegian stockist specializing in the supply of Piping and Valve products to the Oil & Gas industry.BD Oil & Gas provides products via our global network of manufacturers and supplier.We offer quality products, technical solutions, efficient customer services and a state of the art logistics and distribution system through our 54 locations in Norway

Se profil | offshorex.no
Exploration Options AS Logo

Exploration Options AS

Exploration Options provides consultancy and staff recruitment services to the upstream oil and gas industry. We source and deliver Professionals of the highest calibre, in Management, Advisory & Technical areas. Our Focus areas are: Exploration & Subsurface Evaluation, Portfolio Management and Resource Assessment.

Se profil | offshorex.no
Tips oss
Kontakt oss
Offshore.no AS
Annonsere
Ansvarlige
Sjefsredaktør: Erlend Keilen
OPPHAVSRETT
Alt innhold er opphavsrettslig beskyttet.
Copyright Offshore.no AS