The Associated Press
DAMASCUS, Syria — Syria ’s state-owned petroleum company signed a memorandum of understanding with the U.S. and Qatar on Wednesday for the development of the country’s first offshore oil and gas field.
Syrian Petroleum Company’s deal with U.S. energy giant Chevron and the Qatar-based Power International Holding was signed in Damascus in the presence of the U.S.’s special envoy to Syria, Tom Barrack. Syria’s state news agency, SANA, said that the agreement aims to strengthen strategic partnerships in the energy sector and will cover cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development. The deal marks Syria’s first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners. Youssef Kabalawi, the CEO the of Syrian Petroleum Company, described the deal as “the most important” offshore energy exploration deal in Syria’s history. “Before the summer, God willing, we will start mobilization and drilling,” Kabalawi said. He said it is estimated that it could take up to four years to reach the gas reserves. Syria’s oil and gas sectors were adversely impacted by the country’s nearly 15-year conflict that killed half a million people and caused widespread destruction. Before the conflict began with an uprising against then President Bashar Assad ’s government in March 2011, the oil sector was a pillar of Syria’s economy, with the country producing about 380,000 barrels a day and exports — mostly to Europe — bringing in more than $3 billion in 2010. Oil revenues provided around a quarter of the funds for the government budget at the time. Syrian government forces captured wide parts of northeast and oil-rich eastern Syria last month from Kurdish-led fighters in what could pave the way for exploration on some of the country’s largest oil fields. Syria’s new authorities who came to power after removing Assad in December 2024, are trying to revive the country’s economy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lebanon's relations with Syria have made a dramatic positive shift post-Assad, deputy PM saysLebanon's Deputy Prime Minister Tarek Mitri says relations with Syria have improved significantly since the fall of former Syrian President Bashar Assad. Speaking in an interview on Tuesday, Mitri said the current Syrian government is not interested in dominating Lebanon or interfering in its affairs.
Read more »
Syria, once home to a large Jewish community, takes steps to return property to JewsA Jewish heritage foundation has set out to help restore private property appropriated after Syrian Jews left the country.
Read more »
Syria's territorial integrity, national sovereignty 'non-negotiable': Turkish parliament speaker'As commitments are implemented, real peace will be achieved,' says Numan Kurtulmus.
Read more »
Syria signs landmark offshore oil field deal with Chevron and a Qatari investorSyria's state-owned petroleum company has signed a memorandum of understanding with Chevron and a Qatari energy investment company to develop the country's first offshore oil and gas field. The agreement, signed Wednesday in Damascus, involves the U.S. energy giant and Qatar-based Power International Holding.
Read more »
Trump warns Iran, delays strikes as red line debate echoes Obama’s Syria momentFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
US military in Syria carries out 5 strikes against 'multiple ISIS targets'Fox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »