Posted by Joshua on Monday, November 10th, 2008
The Syrian rumor mill is buzzing with news that there has been a major oil strike in Latakia. Workers were digging a very deep foundation for an unusual building, according to my source who asked to go nameless – as always. oil started shooting into the air.
People in Syria are excited, needless to say. They believe it is a major find. It has boosted hopes that Syria’s oil production, which has been shrinking for years, can be revived.
A Norwegian company is close to signing a deal for off-shore exploration in a large tract of coastline extending from Tartus to Tripoli in Lebanon. The Russians are in the process of signing a deal for lots 4 & 5 in the north of Syria, about which expectations are also high.
If it is true that a substantial oil field has been found under Latakia, it may take considerable pressure off Damascus, help boost government revenues, and creat some welcome buzz for the Syrian economy. We will see how reliable my sources are. The discovery is very new. Monday 10 Nov. 2008 12:00 SCT