Syria 2010 Oil Output Up 2.5% To 386,000 B/D

Syria 2010 Oil Output Up 2.5% To 386,000 B/D - Government

Syria's crude oil production increased 2.5% in 2010 to 386,000 barrels a day, compared with 376,600 barrels a day the previous year, official figures showed.

Although the increase was slight, just 9,400 barrels a day, analysts said it is considered a favorable sign as the country's output has been slumping over the last few years.

Syria aims to boost its crude oil production, which has declined from a peak of 590,000 barrels a day in 1996, but U.S. sanctions imposed in 2004 have limited its effort to do so.

The country tendered last year for eight onshore blocks in a bid to boost production. Officials said the Oil Ministry received 14 bids and winners are expected to be announced in a month time.

Syria is also planning to tender four offshore oil exploration blocks this year.

International oil companies such as Royal Dutch Shell PLC (RDSA), Total SA (TOT), and China National Petroleum Corp., U.K.-incorporated energy company Gulfsands Petroleum PLC (GPX.LN), Russia's Tatneft (TATN.RS) and India's ONGC Videsh are already working on oil and gas projects in the country.

-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com

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