The American company ConocoPhillips, a leader in oil and gas production, is moving towards concluding a strategic agreement with the new Syrian government aimed at resuming gas production operations in the country. Informed sources stated that this move comes within the framework of a comprehensive plan to revive the energy sector, which suffered from near-complete paralysis as a result of long years of armed conflicts and severe international sanctions.
The new contract is expected to include close cooperation between ConocoPhillips and Novaterra Energy to develop existing gas fields, in addition to initiating extensive exploration operations to search for new gas reserves. These operations will be carried out under an official agreement with the state-owned Syrian Petroleum Company, paving the way for the return of massive Western investments to the Syrian market.
Expectations indicate that the final signing of this agreement will take place this week, based on initial understandings and a memorandum of understanding reached last November. This development represents a radical shift in the Syrian economic landscape, as the new authorities seek to build reliable partnerships with major international energy companies to ensure the country's fuel needs are met and surpluses are exported.
In a related context, major companies such as France's TotalEnergies and QatarEnergy had joined ConocoPhillips earlier in May to launch a comprehensive technical review of offshore Block 3 located off the coast of Latakia. This review aims to assess the commercial potential for exploration in the Mediterranean, reflecting a growing international desire to explore the hidden wealth in Syrian territorial waters.
This fierce competition among international energy companies for Syrian projects comes in the wake of major political changes witnessed by the country and the overthrow of the former regime in late 2024. The current government considers attracting foreign investments in the hydrocarbon sector as the cornerstone for reconstruction and achieving the desired economic stability after decades of stagnation and destruction.
The anticipated agreement is part of the new Syrian government's efforts to attract foreign investments and rehabilitate the energy sector, which was destroyed by years of war.
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ConocoPhillips-led alliance prepares to develop gas fields in Syria