Syria signs landmark offshore oil field deal with Chevron and a Qatari investor
The agreement marks Syria’s first offshore oil exploration step with Chevron and Qatari investor UCC Holding to boost hydrocarbon production after years of conflict.
- On Wednesday, the Syrian Petroleum Company signed a memorandum of understanding in Damascus with Chevron and UCC Holding to assess offshore oil and gas exploration, with Chevron calling it an initial agreement.
- The Syrian government seeks reconstruction funding, with the Petroleum Company aiming to expand hydrocarbon production and consolidate military and political gains after last month's recapture of the oil-rich northeast.
- Chevron, active in the Eastern Mediterranean, operates Israel's Leviathan gas field and signed the deal on Syria's coast, attended by Tom Barrack, U.S. special envoy to Syria.
- If pursued, offshore exploration could revive Syria's hydrocarbon sector, boost government revenues and attract more foreign investment, and the signing is part of Gulf and U.S.-linked deals supporting President Ahmed al-Sharaa's government.
- After a Russian-backed 2013 project with Soyuzneftegaz was abandoned, the move returns Syria to Eastern Mediterranean competition involving Turkey, Greece and Israel.
37 Articles
37 Articles
Syria Seals Landmark Offshore Energy MoU with U.S. and Qatari Firms
In a development widely viewed as a turning point for Syria’s energy sector, the state-owned Syrian Petroleum Company (SPC) has signed a landmark memorandum of understanding with U.S. oil giant Chevron and Qatar’s Power International Holding to explore for oil and gas in Syrian territorial waters. The agreement — concluded at the People’s Palace in Damascus — seeks to “enhance strategic partnerships in the energy sector and support development, …
Syria Takes First Steps Toward Offshore Oil Exploration Revival
Syria has entered a memorandum of understanding with the US and Qatar to develop its first offshore oil and gas field. This agreement marks a strategic partnership involving Chevron to explore and develop resources, aiming to revive the Syrian economy post-conflict by expanding hydrocarbon production.
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