Gulfsands Petroleum Granted Approval to Develop Yousefieh Oil Field

Gulfsands Petroleum announced today that the company has been granted governmental approval for the development of the Yousefieh oil field on Block 26 in northeast Syria. 

Gulfsands received approval from the General Petroleum Corporation of Syria to develop the Yousefieh oil field with a 25-year production license and an option to extend it another 10 years.

The Yousefieh oil field will be developed via two wells, the Yousefieh-1 and Yousefieh-3. The field is expected to begin production by early 2010 at an initial production rate of 1,000 barrels of oil per day.

Yousefieh Oil Field

Discovered in November 2008, the Yousefieh-1 discovery well was drilled about 3 kilometers east of the Khurbet East field. In 2009, two appraisal wells were drilled on the Yousefieh reservoir.

Early assessments of the field estimate the gross proved plus probable reserves to be 11 million barrels of oil, and another assessment is expected in the second quarter of 2010.

Serving as the operator of the Yousefieh oil field, Gulfsands Petroleum holds 50 percent interest in the field. 

Further Development at Yousefieh

Initial production from the two wells at Yousefieh will be closely monitored for flow assurance and "to determine whether the Yousefieh reservoir benefits from the same strong aquifer pressure support as is observed in the nearby Khurbet East field," reports Gulfsands Petroleum.

The company is currently planning on installing permanent downhole artificial lift equipment at the Yousefieh wells in 2010, as well as drill another development well on the oil field.

Production is expected to peak at 6,000 barrels of oil per day at Yousefieh by 2012.

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