The state-owned Syrian Oil Company signed a contract with two American companies, ConocoPhillips and Novaterra, on Tuesday, aimed at developing the country’s gas sector. This agreement is part of Damascus’ efforts to attract international investments to enhance the energy sector and boost production.
The General Director of the Syrian Oil Company, Yusef Kabbawi, stated that this contract “will be the largest one we sign” since the new authorities came to power. He also noted that the signing “is an important step towards developing the gas sector in Syria”, anticipating an increase in production and improved operational efficiency to support the energy system. ConocoPhillips is regarded as one of the largest independent companies in the world for exploration and production.
Efforts to Revive the Energy Sector
The signing of the agreement followed intensive discussions held by the Syrian delegation, led by Minister of Energy Mohammed Al-Bashir, in Washington last week. During these negotiations, investment opportunities in the energy sector and infrastructure in Syria were presented, along with possibilities for partnership with the American private sector. Kabbawi participated in the World Energy Forum in Washington last week.
Since the overthrow of the ousted President Bashar al-Assad in December 2024, the new authorities have been striving to initiate a path of economic recovery and reconstruction, particularly after the lifting of sanctions that had drained the Syrian economy, a significant portion of which were American. Syria aims to produce one million barrels per day by 2030, expanding cooperation with major international companies and leveraging modern experience and technology in exploration and production.
Control Over Oil Fields and Previous Agreements
The official Syrian news agency SANA reported that the contract with ConocoPhillips and Novaterra aims to develop several gas fields in Syria and increase production from existing ones, which will help support the energy system and improve gas supply for electricity and other vital sectors. All oil and gas fields are currently under the control of the Syrian government. Recently, the Syrian Oil Company took control of oil fields that were previously managed by the Kurdish self-administration in the northeastern part of the country. The management and operation of these fields are the responsibility of the company HKN Energy, as confirmed by the Deputy Governor of Al-Hasakah Ahmed Al-Khalili in a press release on Monday.
Earlier, the Syrian Oil Company signed Memoranda of Understanding (MoU) with several Arab and international companies. Notably, in February, an MoU was signed with the American energy giant Chevron and the Qatari company Power International Holding to support offshore exploration and drilling for oil and gas in Syrian territorial waters. In May, the company signed an MoU with the American ConocoPhillips, the French TotalEnergies, and the Qatari QatarEnergy for the exploration of oil and gas in Syrian territorial waters.
Source: Sky News Arabia