CNN reported today that ISIS has taken over six Syrian oil and gas fields, as well as al-Omar, “Syria’s largest oil facility that can produce 75,000 barrels of oil a day.” Pakistan’s Dawn News reported that one of the oil fields taken over was Tanak, located in the Sheiytat desert area in the east of Deir Ezzour province, according to the story.
According to an EIA report dated Feb. 14, 2014: “Syria, previously the eastern Mediterranean’s leading oil and natural gas producer, has seen its production fall to just a fraction of pre-conflict levels. Syria is no longer able to export oil, and as a result, government revenues from the energy sector have fallen significantly. Prior to the current conflict, Syria’s oil sector accounted for approximately one fourth of government revenues.
“As of January 2014, Syrian officials reported the overall economic losses from the conflict reached more than $20 billion. Of that total, estimates from mid-2013 indicate that the losses from the hydrocarbons sector have topped $12 billion, from both direct causes (damage to infrastructure, spillage, and theft) and indirect causes (lost exports). According to the Syrian government, damage to the country’s energy infrastructure and spilled or stolen oil and natural gas cost the country approximately $1 billion through the end of July 2013,” the report said.
[sam_ad id=”32″ codes=”true”]
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.