Gulfsands Pushes for Easing of Syria Sanctions: Opportunity for Western Oil Companies?

In a remarkable appeal, John Bell, CEO of Gulfsands Petroleum, calls for the easing of sanctions against Syria to allow Western companies to return to the crisis-stricken country. This comes in the wake of the overthrow of Bashar al-Assad's regime by a coalition of rebels, which could now open up new opportunities for international investors. Gulfsands' activities in the oil-rich region of northeastern Syria, directed by the Syrian Democratic Forces, are the focus of attention. With a refreshingly candid tone, Bell noted that production before the sanctions was significantly higher, around 400,000 barrels per day compared to today's 80,000. Despite the challenges, the CEO sees potential for a resurgence, should a legal framework be found that permits Western companies to ramp up production again. According to Bell, it is external observers who could ensure that the revenues benefit much-needed humanitarian projects in Syria. Although Gulfsands has not recorded any revenues from Syria since 2011, the company looks optimistically to the future and has increasingly focused on acquiring oil assets in the region since its delisting from London's AIM market in 2018. But Gulfsands is not the only one affected: industry giants like Shell, Total, and Suncor have also frozen their Syrian operations and are currently not commenting on a possible return. According to Bell, revitalizing the oil industry is essential for Syria's reconstruction, as he critically addresses the incompetent practices of the currently illegally operating producers. However, the geopolitical situation remains complex, as the new Syrian government and international actors have yet to send clear signals regarding the role of foreign investors in the oil and gas sector. The British Foreign Office also remains tight-lipped about possible steps to lift the sanctions.