Russia's Tatneft starts oil work in Syria

April 16, 2010 at 9:26 AM
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DAMASCUS, Syria, April 16 (UPI) -- Russian oil and gas company Tatneft announced it started crude oil production in Syria, the first time such work commenced for the company outside Russia.

Tatneft signed an agreement for the exploration, development and production of petroleum from Block 27 of the South Kishma-1 well in 2005.

The Russian company said it started crude oil production at South Kishma near the Syrian border with Iraq in early April. Estimated recoverable crude oil reserves top 35 million barrels of oil.

Work in Syria is conducted by al-Bou Kamal Petroleum Co., a joint venture between Tatneft and the General Petroleum Corp. of Syria.

Production at South Kishma marks the first time Tatneft started oil production abroad in its 60-year history, the company said.

Tatneft said it would spend around $50,000 per year to help train local oil-field workers.

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