Operator of Syrian oil fields receives new financing

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Al-Araby

Gulfsands, the operator and joint-owner of of a $1.5 billion dollar oil field in Syria, has received a £6.5 million (~$8.7m) financing facility, the company announced on Tuesday. The multi-million dollar financing deal will allow the company to operate until at least December 2023. Gulfsands, a London-based oil company, holds only one asset: Syria’s Block 26. Block 26 is estimated to be valued at around $1.5 billion dollars, according to a July report by Gulfsands. The oil field lies in northeast Syria, under control of the Kurdish-dominated Autonomous Administration of North and East Syria (A…

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