Damascus: Syria signed a memorandum of understanding with US oil firm Chevron and Qatar-based Power International Holding to explore oil and natural gas in Syrian territorial waters. During the signing ceremony, Youssef Qablawi, CEO of the Syrian Petroleum Company, emphasized the significance of these memorandums in strengthening the national economy.
According to Anadolu Agency, a dedicated team has been assigned to support the agreement, aiming to convert it into a binding contract. Oil wells in Syria had previously been sabotaged before coming under state control during a military operation against the YPG/SDF in the northeastern provinces of Raqqa and Deir el-Zour, as noted by Qablawi.
US special envoy to Syria, Tom Barrack, stated during the ceremony that Syria impresses with its social fabric under President Ahmad al-Sharaa's leadership. Barrack highlighted Chevron's prominence in the energy sector and its alignment with US policy, viewing the partnership as transformative for Syria's image after years of adversity.
Barrack added that Syria's political leadership is central to recovery and stability, noting that investment in the energy sector could lead to job creation and improved living conditions. On January 25, the Syrian Petroleum Company announced that technical teams began extracting oil from fields recaptured by the army from the SDF.
With the government regaining full control over oil and gas fields, observers consider this move a significant economic turning point. Syria has an estimated 2.5 billion barrels of oil reserves, with current production around 100,000 barrels per day. Additionally, the country has approximately 285 billion cubic meters of gas reserves, with output at about 12.5 million cubic meters.
These reserves highlight Syria's resource potential, especially as security and political stability improve in the eastern regions. Nonetheless, the Syrian government faces challenges in rehabilitating damaged energy infrastructure, securing international technical cooperation, and attracting investment to enhance production capacity.