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LONDON - Gulfsands Petroleum PLC, an oil and gas company with a focus on the Middle East and North Africa (MENA) region, has released its annual report for the year ended December 31, 2024, which outlines the company’s position and future plans, particularly regarding its operations in Syria. The report accompanies the announcement of the company’s upcoming Annual General Meeting (AGM), scheduled for June 26, 2025, at its London office.
The 2024 Annual Report highlights Gulfsands’ debt-free status and its strategic efforts to protect and preserve its interests in Block 26 in Syria, a region with significant oil reserves. Following the fall of the Assad regime in December 2024 and the easing of international sanctions, the company is preparing for a potential re-entry into the country.
Gulfsands’ re-entry strategy hinges on lifting the status of Force Majeure, which was declared in 2011 due to the Syrian crisis. This process requires legal and commercial clarity, amendments to international sanctions to allow international companies’ return, and a secure environment for operations. The company anticipates that returning to Syria will contribute positively by bringing investment, technology, and employment opportunities, as well as initiating an environmental clean-up to address health issues caused by previous oilfield practices.
Recent developments indicate progress toward sanction relief, with the UK lifting relevant energy sector sanctions in March and April 2025, followed by the US General Release 25 in May 2025, and the European Union via Council Decisions in February and May 2025. Gulfsands refers to this initiative as "Project Hope," aiming to rebuild Syria’s oil and gas industry and support the country’s recovery.
John Bell, Gulfsands’ Managing Director, expressed optimism about the potential for Syria’s future and the company’s role in contributing to the country’s renaissance. However, he acknowledged that the situation in Syria is still evolving and that challenges are expected.
The company emphasizes that it is not in a position to influence political outcomes in Syria but stands ready to support the rebuilding process. The press release statement also includes a disclaimer about forward-looking statements, noting that they involve risks and uncertainties and are not guarantees of future performance.
This news is based on a press release statement from Gulfsands Petroleum PLC.
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