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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.
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