Syria signs offshore oil field deal with US Chevron

(Patria) - Syria's state-owned oil company yesterday signed a memorandum of understanding with the United States and Qatar for the development of its first offshore oil and gas field, AP reported.

The agreement between the Syrian Oil Company and US energy giant Chevron and Qatar's Power International Holding was signed in Damascus in the presence of US Special Envoy for Syria, Tom Barrack.

Syria's state news agency SANA announced 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 Syrian territorial waters, as well as broader efforts to support investment and development in the energy sector.

The agreement marks Syria's first formal step towards offshore energy exploration, as the government seeks to expand hydrocarbon production and attract foreign partners.

Syria's oil and gas sector has been negatively affected by the country's nearly fifteen-year war, which has killed half a million people and caused extensive destruction.

Before the war began with an uprising against the government of then-President Bashar al-Assad in March 2011, the oil sector was the backbone of the Syrian economy, with the country producing around 380,000 barrels per day, and exports, mainly to Europe, bringing in over three billion dollars in 2010. Oil revenues then accounted for about a quarter of the state budget.

Syrian government forces last month took control of parts of northeastern and oil-rich eastern Syria from Kurdish fighters, which could pave the way for the exploration of some of the largest oil fields there.

The new Syrian authorities, who came to power after Assad's removal in December 2024, are trying to revive the country's economy.