The Group's major focus is on the Middle East and North Africa where it has oil exploration and development projects in the Syrian Arab Republic, oil exploration projects in Tunisia and upstream and midstream oil & gas business development activities in Iraq. Gulfsands also produces oil & gas from a portfolio of properties in the USA, offshore Gulf of Mexico.
Vision
Our vision is to become one of the pre-eminent independent exploration & production companies in the Middle East & North Africa region and to be viewed as a preferred operator and partner, thereby creating significant shareholder value.
Syria
- 50% working interest in Block 26 PSC (area 5,414 kmē)
- Gulfsands is operator, with Sinochem as 50% non-operating partner
- Two fields under commercial development: Khurbet East and Yousefieh
- 2P Reserves: 53.6 mmbbls (working interest)
- Current working interest production (all oil): 10,350 bopd
- Six well exploration programme in 2011
- Strategic business development target
- Seeking participation in hydrocarbon projects in Iraq ex-Kurdistan
- No reserves or production in country as yet
- Kerkouane Permit -- offshore Tunisia: potentially commercial gas resources
- G.R15.PU Permit (Pantelleria Permit) -- offshore Italy
- Chorbane Permit -- onshore Tunisia: exploration drilling in 2011
- Minority non-operated interests in shallow Gulf of Mexico oil and gas properties
- 30 leases, 20 producing fields, 130 wells
- 2P working interest reserves: 3.2 mmboe (60% oil, 40% gas)
- Current working interest production: 524 boepd (60% oil, 40% gas)
- Disposal programme underway