Syria is set to develop its first offshore oil and gas field in partnership with the US and Qatar, as the water-torn country attempts to emerge from the shadows of strife and violence.
Syria’s state-owned Syrian Petroleum Company signed a memorandum of understanding (MoU) with US energy giant, Chevron, and the Qatar-based Power International Holding on Wednesday, reported the country’s state news agency, SANA.
The MoU was signed in Damascus in the presence of the US’s special envoy to Syria, Tom Barrack, it was further reported. The deal marks Syria’s first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners.
The news agency said the agreement aims to strengthen strategic partnerships in the energy sector and will cover cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development.
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Youssef Kabalawi, the CEO the of Syrian Petroleum Company, described the deal as “the most important” offshore energy exploration deal in Syria’s history. “Before the summer, God willing, we will start mobilisation and drilling,” he said, adding that it is estimated that it could take up to four years to reach the gas reserves.
Syria’s nearly 15-year conflict that killed half a million people and caused widespread destruction, also impacted its oil and gas sectors that were the country’s economy’s pillars, producing about 380,000 barrels a day.
Before the conflict began with an uprising against then President Bashar Assad’s government in March 2011, the country’s oil exports – mostly to Europe – brought in more than USD 3 billion in 2010, providing around a quarter of the funds for the government budget at the time.
Last month, Syrian government forces captured wide parts of northeast and oil-rich eastern Syria from Kurdish-led fighters in what could pave the way for exploration on some of the country’s largest oil fields.
Syria’s new authorities, under President Ahmed al-Sharaa, who came to power after removing Assad in December 2024, are trying to revive the country’s economy.
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