What Gulfsands Petroleum does

Gulfsands Petroleum plc is a UK-incorporated, AIM-delisted (April 2018) independent oil and gas exploration and production company founded in 2004, holding a 50% working interest and operatorship of Block 26 in North-East Syria alongside Sinochem Group (50%). Operations are conducted through Dijla Petroleum Company, a joint operating company with the Syrian Petroleum Company (SPC) and Sinochem. Block 26 contains discovered and producing fields (Khurbet East discovered 2008, Yousefieh discovered 2010, Al Khairat discovered 2011) with 105.7 mmboe reserves (1C) per an independent OPC Competent Persons Report, plus nine exploration prospects representing 134 mmboe risked prospective resources and over 1 billion barrels gross recoverable resource potential.

The company declared force majeure in December 2011 following EU sanctions on Syria and was unable to operate for over 14 years; fields have continued to be produced by third parties at roughly 14,000 boe/day during this period. Following the fall of the Assad regime in late 2024 and the lifting of UK/EU/US sanctions throughout 2025 (including repeal of the Caesar Act in December 2025), Gulfsands is reconstituting operations: SPC has regained control of the fields, Dijla JOC was reconstituted in April 2026, and the company has its General Manager back on site. Gulfsands also operates Gulfsands Middle East Limited (GMEL), a wholly-owned subsidiary established in Abu Dhabi Global Market in October 2022 as a regional hub for selective MENA energy acquisitions.

Revenue is generated through the PSC arrangement where the operator receives a share of hydrocarbon production proceeds — historically reaching approximately 25,000 bopd prior to sanctions, with near-term potential of ~50,000 boepd from existing discoveries and 100,000+ boepd with full block development. The company has been funded during the force majeure period through secured term facilities (~£12.1 million total in 2017, 2019, and 2020) from its two largest shareholders, Waterford Finance & Investment Limited (37.80%) and Blake Holdings Limited (27.98%), who together control approximately 65.78% of the company.

Name

Gulfsands Petroleum

Legal name

Gulfsands Petroleum plc

Website

http://www.gulfsands.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Gulfsands Petroleum plc is a UK-incorporated, AIM-delisted independent oil and gas E&P company operating Block 26 in North-East Syria (50% WI, operator) via Dijla JOC with SPC and Sinochem, now returning to operations after 14+ years of force majeure following 2025 sanctions lifting.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Others

Revenue model

1. Oil and Gas Production: Revenue generated from production sharing contract (PSC) arrangements for oil and gas production from Block 26 in Syria. Under the PSC, Gulfsands as operator receives a share of production revenues. Prior to sanctions in 2011, production reached nearly 25,000 bopd from Khurbet East and Yousefieh fields. The company also benefits from gas production (3.4 Bcf in 2025). Currently resuming operations following force majeure period.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Gulfsands Petroleum is an independent oil and gas exploration and production company that operates as the operator of Block 26 in North-East Syria with a 50% working interest alongside Sinochem Group. Its core activity involves exploration, development, and production of hydrocarbons under a Production Sharing Contract with the Syrian Petroleum Company, covering discovered fields such as Khurbet East, Yousefieh, and Al Khairat, plus nine identified exploration prospects. The company also operates a Middle East regional hub through its Abu Dhabi-based subsidiary Gulfsands Middle East Limited (GMEL) focused on MENA expansion and selective energy acquisitions.

Product overview

Gulfsands Petroleum is an independent, public energy company focused on oil and gas exploration and production in the Middle East and North Africa region. The company's primary offering is Block 26, a world-class oil and gas asset in North-East Syria, operated through a Production Sharing Contract with 50% working interest. Operations are managed via Dijla Petroleum Company, a joint operating company with Syrian Petroleum Company and Sinochem Group. The company also maintains a regional hub through its wholly-owned subsidiary Gulfsands Middle East Limited (GMEL) based in Abu Dhabi.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil Exploration and Production Services
• Block 26 Oil and Gas Asset
• Gulfsands Middle East Limited (GMEL)

Quantifiable outcome

• Potential production capacity of 50,000 boepd from existing discoveries in near-term, increasing to over 100,000 boepd with full block development
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

13 partnerships are on record, tiered core, minor and support.

• Syrian Petroleum Company (SPC)coreStrategic or Co-development Partner · 23 April 2026SPC is the Syrian state oil company and Gulfsands' PSC counterparty. Following October 2025 consolidation, SPC assumed GPC functions. SPC regained control of North-East Syria oil fields in early 2026 and reconstituted Dijla JOC with Gulfsands and Sinochem participation.
• Sinochem GroupcoreStrategic or Co-development PartnerJoint venture partner in Block 26 with 50% working interest (Gulfsands holds other 50%). Sinochem is a Chinese conglomerate engaged in chemicals, fertiliser production, and oil and gas exploration/production.
• Dijla Petroleum CompanycoreStrategic or Co-development PartnerJoint operating company formed between Gulfsands, Sinochem, and Syrian state oil company (GPC/SPC) for managing Block 26 petroleum production operations and related infrastructure. Reconstituted in April 2026 following return to operations.
• Phoenix SpaceminorOthersEducational charity partnership for STEM programs supporting Syrian refugee youth and displaced populations. Programs include STEM Spark and Digital Technologies in the Workplace, reaching children and youth in Jordan and Syria.
• The Chaffinch TrustminorOthersCharitable trust partnership focused on humanitarian initiatives including Project Hope, which aims to unlock access to Syria's natural resources to finance humanitarian and economic development projects for Syrian people.
• BlumontminorImplementation/ SI/ Consulting PartnerHumanitarian organization implementing educational programs in partnership with Phoenix Space and Gulfsands for Syrian refugees in Zaatari Camp, Jordan, under the Uplift project funded by UNHCR.
• MUFG Corporate MarketssupportOthersRegistrar services for share registry management and shareholder services.
• Asset MatchsupportOthersSecondary trading facility platform for post-delisting share trading. Conducts fractional share auctions.
• MHA Macintyre HudsonsupportOthersExternal auditor for annual financial statements and accounts.
• Pinsent MasonssupportOthersUK solicitors providing legal advisory services.
• DentonssupportOthersSpecialist sanctions advisor providing guidance on international sanctions compliance.
• Arent Fox SchiffsupportOthersUS counsel providing legal advisory services.
• OPC (Oilfield Production Consultants)supportOthersIndependent reserves auditor engaged to prepare Competent Persons Report (CPR) validating Block 26 reserves, contingent resources, and prospective resources per SPE PRMS guidelines.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Genel Energy: London-listed independent E&P focused on the MENA region, primarily Kurdistan Iraq. Materially comparable to Gulfsands as a small-mid cap upstream operator with a single-region asset base and similar geopolitical exposure. Genel transitioned from a distressed post-force-majeure position, providing a relevant analogue for Gulfsands' restart.
• Gulf Keystone Petroleum: Independent E&P operator on the Kurdistan region's Shaikan field with single-asset concentration and MENA focus. Direct comparable to Gulfsands in upstream operating model, asset concentration, and exposure to regional political dynamics. John Bell (Gulfsands' MD) previously served as a director.
• Zenith Energy: Small-cap E&P with operations in Tunisia and MENA region, focused on producing and redeveloping legacy fields. Comparable to Gulfsands on small-cap MENA upstream profile, frontier-market exposure, and the strategy of returning to assets in jurisdictions where majors have exited.
• DNO ASA: Norwegian-listed E&P with core Kurdistan operations (Tawke, Peshkabir) and North Sea exposure. Comparable to Gulfsands on MENA/Kurdistan-heavy upstream focus and small-to-mid cap independent operator profile. DNO's acquisition of Faroe Petroleum also adds an analogue for opportunistic consolidation in frontier markets.
• Aminex plc: London-listed small-cap E&P focused on East Africa (Tanzania, with prior Egypt exposure). Direct comparable to Gulfsands on small-cap, single-region upstream focus and the model of re-entering/redeveloping assets in jurisdictions where international players have exited.
• SDX Energy: Small-cap E&P focused on producing gas assets in Egypt and Morocco. Comparable to Gulfsands on MENA upstream focus, small-cap independent operator profile, and the strategy of operating in jurisdictions where larger players have less presence.

Emerging players

• Tower Resources: London-listed junior E&P with frontier/emerging-market exploration assets in Africa and the Mediterranean. Comparable to Gulfsands on small-cap, frontier-market, single-asset upstream profile and the optionality-on-exploration upside model.

Broad incumbents

• EnQuest plc: UK-listed independent E&P with core North Sea producing assets and Malaysia operations. Indirect comparable to Gulfsands as a small-mid cap independent E&P operator with mature asset focus, though geographically diversified away from MENA.
• TotalEnergies: Global supermajor with active MENA operations in Iraq, Qatar, UAE, and Libya. Material precedent for IOCs re-emerging in Syria post-sanctions; relevant comparison for Gulfsands' eventual IOC partner / acquirer profile and as a long-term benchmark for capital intensity at scale.
• Eni: Global integrated major with significant MENA upstream exposure (Egypt, Libya, Iraq, UAE). Comparable to Gulfsands as a long-established MENA operator and a potential strategic counterpart for Gulfsands' eventual re-engagement, especially in the context of European majors re-entering Syria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/GulfsandsPlc
• LinkedInlinkedin.com/company/gulfsands-petroleum-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gulfsands Petroleum