US EditionSyria 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.
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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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