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Syria's state-owned petroleum company signed a memorandum of understanding Wednesday with Chevron and a Qatari energy firm to develop the country's first offshore oil and gas field, marking a significant step in efforts to rebuild the war-torn nation's energy sector.
The Syrian Petroleum Company finalized the deal with U.S. energy giant Chevron and Qatar-based Power International Holding in Damascus, with U.S. Special Envoy to Syria Tom Barrack in attendance. The agreement covers cooperation in offshore exploration and development of oil and gas resources in Syria's territorial waters.
Youssef Kabalawi, CEO of the Syrian Petroleum Company, called the agreement "the most important" offshore energy exploration deal in Syria's history. He said drilling operations could begin before summer, though reaching the gas reserves may take up to four years.
According to Syria's state news agency SANA, the memorandum aims to strengthen strategic partnerships in the energy sector and support broader investment and development efforts. The deal represents Syria's first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners.
Barrack, who also serves as U.S. Ambassador to Türkiye, described the signing as a historic milestone. Writing on social media, he said the Syrian people's "unbreakable spirit and vast resources together forge a future of prosperity, inclusion, and renewal."
Syrian President Ahmed al-Sharaa received the American delegation, led by Barrack, at the People's Palace in Damascus on Wednesday. Foreign Minister Asaad al-Shaibani also attended the meeting, where officials discussed recent regional developments and issues of mutual interest, according to the Syrian presidency.
Syria's oil and gas sectors suffered severe damage during the country's nearly 15-year conflict, which killed half a million people and caused widespread destruction. Before the uprising against ousted President Bashar Assad's government began in March 2011, the oil sector formed a pillar of Syria's economy.
The country produced approximately 380,000 barrels per day before the war, with exports, primarily to Europe, generating more than $3 billion in 2010. Oil revenues provided roughly a quarter of government budget funds at that time.
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