Sana, Syria's state news agency, reported that the 25-year agreement with the Ministry of Petroleum & Mineral Resources will see Soyuzneftegaz pay for exploration, production and development costs for Block 2 across a 2190-square-kilometre area in Syrian territorial waters between the cities of Tartous and Banyas.
The contract requires Soyuzneftegaz to pay for seismic surveys on the block at a cost of about $15 million.
