GULFSANDS Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union sanctions on oil production in Syria.
On Monday Gulfsands said production in the country would cease.
“The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated to be completed in approximately forty days,” Gulfsands, which produces over 90 per cent of its total output in Syria, said in a statement on Wednesday. “Upon completion of the KHE-102 well, the group will assess whether the impact of EU sanctions on service providers and others involved in the company’s exploration activities permits the safe continuation the group’s exploration programme.”
The EU stepped up its sanctions against Syria’s oil industry earlier this month.