Syria has finalised a landmark agreement for the development of its inaugural offshore oil and gas field to rejuvenate its war-ravaged energy industry.
The state-controlled Syrian Petroleum Company sealed a memorandum of understanding (MoU) on Wednesday with the American energy behemoth Chevron and Qatar’s Power International Holding. The signing ceremony took place in Damascus, with US Special Envoy to Syria, Tom Barrack, in attendance.
According to Syria’s state news agency SANA, the agreement aims to strengthen strategic cooperation in the energy sector. It includes offshore exploration, development of oil and gas resources in Syria’s territorial waters, and broader efforts to attract investment and rebuild the energy industry.
This is Syria’s first formal move toward offshore energy exploration, as the country seeks to boost hydrocarbon production and bring in foreign partners.
Syrian Petroleum Company CEO Youssef Kabalawi described the agreement as the most important offshore energy deal in the country’s history.
“Before the summer, God willing, we will begin mobilisation and drilling,” Kabalawi said, adding that it could take up to four years to reach gas reserves.
Syria’s oil and gas sector was badly damaged by nearly 15 years of conflict, which killed about half a million people and devastated the economy. Before the war began in 2011, oil was a key pillar of Syria’s economy, with production at around 3,80,000 barrels per day and exports earning more than $3 billion annually.
Last month, Syrian government forces regained control of large parts of oil-rich eastern and northeastern Syria, potentially opening the door to renewed exploration.
Country’s new authorities, who came to power after the removal of Bashar Assad in December 2024, are working to revive Syria’s economy and restore key industries.
