Syria Partners with Chevron for Historic Offshore Energy

Syria Takes First Step in Offshore Energy: Agreement with Chevron and Qatar

Syria's state-owned oil company, Syria Petroleum Company (SPC), has signed a memorandum of understanding with American energy giant Chevron and Qatar-based Power International Holding to develop the country's first offshore oil and natural gas field.

First Official Move in Offshore Waters

The agreement covers exploration and development activities in Syrian territorial waters. This step is recorded as Syria's first official initiative towards offshore energy resources following the potential fall of Bashar al-Assad's regime in December 2024.

The Syrian government aims to revive the economy with this agreement after a 15-year civil war that nearly halted hydrocarbon production and resulted in the loss of approximately half a million lives.

“A Historic Agreement”

Yusuf Kabalavi, CEO of Syria Petroleum Company, described the agreement as “the most significant offshore energy exploration agreement in Syrian history.” Kabalavi stated that mobilization and drilling activities are expected to begin before summer, and access to natural gas reserves could be achieved in about four years.

Pre-War Production and Losses

Before 2011, Syria produced approximately 380,000 barrels of oil per day and financed about 25% of the state budget with $3 billion in export revenue. However, production capacity significantly declined due to the civil war. Recently, the government has announced that it has regained control over many regions with high oil potential.

A New Era on Land and at Sea

According to officials, recent military gains against Kurdish-led armed groups may enable the reactivation of significant oil and natural gas fields not only offshore but also on land. It is noted that Syria plans to rebuild its energy sector through new partnerships with the United States and Gulf countries during this process.

Source: SeaNews Türkiye