Syria-based General Petroleum Corp. has granted permission to Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in Syria, Iraq and USA, for developing the Yousefieh Oil Field accumulation in Block 26 North East Syria. A production license of 25 years duration has been granted, with the possibility of an extension if required, for a further 10 years. The Yousefieh Field was assessed at the end of 2008 as containing gross proved plus probable reserves of 11 million barrels of oil. A further update on Yousefieh Field estimated gross reserves will be provided at the beginning of the second quarter 2010. First oil from Yousefieh is anticipated early in April 2010. Production will commence from two wells, Yousefieh-1 and Yousefieh-3, at an expected initial combined rate of up to 1000bpd. It is anticipated that production from the Yousefieh Field will reach a rate of approximately 6000bpd by 2012.
