This week marks another painful milestone for the Syrian people and for Gulfsands, as well as another shameful one for those responsible for prolonging the crisis in Syria.

Unlawful production from GULFSANDS’ Block 26 continues unabated and this week:

• Illicit production volumes have exceeded 50 million barrels of oil equivalent (“boe”).
• The lost value of this production has exceeded US$3,500,000,000 (US$3.5 Billion).

These unlawful activities are widely known as being undertaken by entities affiliated with the Autonomous Administration of North and East Syria (the AANES), Peoples Defence Unit (YPG), Syrian Democratic Forces (SDF).

The illicit production, and ongoing losses, continue at a rate of around 16,000 boe per day and are monitored and measured at www.gulfsands.com

Block 26 represents less than a quarter of the overall illicit production from the North-East of Syria, where average production is estimated to be around 80,000 boe per day. This represents an ongoing lost value of around US$6.4 million every day, at today’s oil price of around US$80 per barrel, and a cumulative value of more than a staggering US$14 billion since the unlawful production began in early 2017.

The Syrian people, however, see the benefits of only a small proportion of this value. The unlawful oil trade takes place on the black market, away from regulation and oversight, meaning prices are depressed and the potential for corruption is high.  The biggest beneficiaries of this illegal production are illicit actors - not the Syrian people.

Equally concerning is the fact that the unlawful and unsophisticated operators of the fields use unsafe, unregulated, and hugely environmentally damaging oil field practices which have a catastrophic effect on the health and safety of local communities, causing widespread cancers and terrible respiratory and skin diseases.

Gulfsands continue to call for this unlawful, unsafe, and environmentally devastating production to stop immediately.

KeyFacts Energy: Gulfsands Petroleum Syria country profile