Chevron-Qatar venture to search for offshore oil and gas in Syria

The state-owned Syrian Petroleum Company has signed a preliminary agreement with US energy giant Chevron and Qatar’s Power International Holding for offshore oil and gas exploration in Syria.

The memorandum of understanding will drive investments in exploration and drilling within Syrian territorial waters, strengthen energy partnerships and boost development, the Syrian Arab News Agency reported.

“Production is expected to commence within a few years, helping to meet our natural gas needs,” energy minister Mohammad Al-Bashir said in a post on X.

Yusuf Qablawi, CEO of Syrian Petroleum, said a dedicated team had been assigned to support the agreement and transform it into an executive contract.

The companies will also work to develop engineering and technical expertise in offshore exploration, boosting oil and gas production, he said.

Syrian President Bashar Al-Sharaa held a preparatory meeting in December with Syrian Petroleum and Chevron to discuss opportunities for cooperation in offshore oil and gas exploration along the country’s coast.

Most of Syria’s oil comes from onshore fields in the northeast, mainly Al-Omar. The country’s natural gas production is estimated to have declined to 3 billion cubic metres (bcm) in 2023 from 8.7 bcm in 2011 due to war.

In December four Saudi companies agreed to develop oil and gas fields in Syria. Also last year, Riyadh announced $6.4 billion in investments, split across 47 deals involving more than 100 Saudi companies working in real estate, infrastructure and telecoms.

Earlier this month Syrian Investment Authority head Talal Al-Hilali said Saudi Arabia plans to put money into a new private Syrian airline as part of a multibillion-dollar investment package.

Further reading:

• Qatar and Saudi Arabia commit $89m to support Syria
• Qatar to supply Syria with natural gas to ease power crisis
• Syria signs $7bn power deal with Qatari-led consortium