Syria gives more time for seekers of oil exploration investment

Syria is extending the tender grace period for companies interested in investing in the country's offshore oil and gas exploration projects, Minister of Oil Sufian Allaw said in remarks published on Sunday.The relevant local authorities have opted to extend the period of time for the potential investors to deliver the required papers, in response to the companies' desire that protested the time limit, due to the events in Syria, said the minister, in remarks published by the daily newspaper, "Al-Watan." The authorities had set the last date for handing over qualification papers by the companies on August 1. But now, these companies could be able to deliver the necessary papers for seeking the franchise by October 15.Syria is planning to explore for oil and gas in three offshore blocs.Other regional countries, namely Lebanon and Israel, are also planning to extract oil and gas from the Mediterranean sea-bed.