Syria ceasefire a glimmer of hope for oil and gas

Since it descended into civil war in 2011, Syria has played only a bit part on the world energy stage. But with Russia and the United States trying for the first time to implement a ceasefire that could allow the two to neutralise groups such as Islamic State (IS), there is a chance – however remote – that opportunities to revive the Syrian oil and gas sector will eventually present themselves.

Syria has never been more than a mid-tier producer of oil and gas, with the country’s oil production hitting around 675,000 barrels per day in 2002 before gradually declining and dry gas production reaching an annual peak of 8 billion cubic metres in 2010.