AFPC
’s fields are mostly in a very mature
stage of development, with some 88% of the 2400 mln bbl that is
expected to be recoverable, “the easy oil”, already produced in the
last 20 years.
Extraction of the remaining
300 mln bbl will take place over the next 20+ years or
so, with production levels expected to decline to 50,000
b/d by 2014. The challenge this poses is both on
maintaining the integrity of AFPC facilities for the
next 20+ years and on rationalising the AFPC
organization in line with the size of its future
production. The need for slimming down the AFPC
organization has recently become even more apparent with
the large drop in oil price, End 2008, that has resulted from the
global financial crisis. This clearly puts pressure on
AFPC to reduce costs.
Having said all this, the ratification by HE the
President on 16th November 2008 of a
10-year license extension agreement with private
shareholders has secured the continued dedication of
Shell to work together with SPC to optimize the AFPC
business through continued technology transfer and
provision of experts, and pursue other exploration
opportunities in Syria - under the path of
development and improvement that is led by HE the
President Bashar Al Assad. If Shell’s exploration
efforts are successful it is likely that AFPC will
play a role in the subsequent development of the
newly discovered fields.
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