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Economy, Mining

Turkish borders, new oil fields, world oil prices, increased output, Syrian government

Oil was first discovered in Syria in the 1950s. Significant output began after the 1968 completion of a pipeline linking the oil fields in the northeast to refineries in the west. Government efforts to encourage exploration by foreign oil companies further increased output, and by the mid-1970s petroleum had become Syria’s leading export. Since then, however, the sector has suffered from periodic declines in world oil prices and from wider Syrian economic troubles. Existing reserves are depleting rapidly and may be exhausted in the early 21st century. The Syrian government is encouraging foreign companies to explore for new oil fields near the Iraqi and Turkish borders. Production of crude petroleum was 199 million barrels in 1999. Syria also produces smaller amounts of natural gas.



Article key phrases:

Turkish borders, new oil fields, world oil prices, increased output, Syrian government, Iraqi, barrels, pipeline, northeast, exploration, century, refineries, foreign companies, completion, west, sector

 
 

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