Syria’s state-owned Syrian Petroleum Company has signed a memorandum of understanding with US supermajor Chevron and Qatar’s Power International Holding to develop the country’s first offshore oil and gas field. The agreement targets exploration and development in Syrian territorial waters. The deal represents Syria’s first formal offshore push after the ousting of the Bashar al-Assad government in December 2024. Through this deal, the country seeks to revive its economy after 15 years of civil war that gutted hydrocarbon output and killed half a million people. “This is the most important offshore energy exploration deal in Syria’s history,” declared Syrian Petroleum CEO Youssef Kabalawi. He projected mobilisation and drilling to begin before summer, with gas reserves potentially accessible within four years. Before 2011, Syria produced 380,000 bpd, with $3bn in exports funding a quarter of government budgets. As a result of the conflict, capacity was slashed. However, the government recaptured several oil-rich areas which have potential for exploration. Recent military gains against Kurdish-led fighters could unlock major onshore fields alongside this deal, positioning Syria to leverage US and Gulf partnerships to rebuild the energy sector. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsQatar Syria United States