Syria Signs Major Offshore Oil and Strategic Business Deals with Chevron, Saudi and Qatari Partners
Damascus advances economic recovery with landmark energy pact and a series of state-backed investment agreements as the country seeks to rebuild after years of conflict
Syria’s government has concluded a series of significant business agreements with international energy firms and regional partners, marking one of the most consequential steps in its post-conflict economic rehabilitation.
In Damascus on February four, the state-owned Syrian Petroleum Company signed a memorandum of understanding with U.S. energy giant Chevron and Qatar’s Power International Holding to explore and develop the country’s first offshore oil and gas field in territorial waters, in a deal attended by Washington’s special envoy to Syria, Tom Barrack.
The accord — described by Syrian officials as a transformational moment — focuses on preliminary offshore exploration and cooperation to leverage Syria’s hydrocarbon potential after more than a decade of war damaged infrastructure and reduced production.
Petroleum Company leadership said technical teams are now tasked with advancing the agreement toward binding contracts, with mobilisation and drilling expected to begin later this year and gas reserves potentially reached within four years.
Separately, Damascus has been strengthening economic ties with the Kingdom of Saudi Arabia, deepening historic relations that have expanded since the transition of political authority in late 2024. The Syrian Petroleum Company has signed multiple strategic agreements with Saudi oil and gas service firms, including ADES Holding, TAQA, ARGAS and Arabian Drilling, aimed at boosting onshore production, enhancing technical operations and increasing output across existing fields.
Syrian officials have projected that the agreements could lift gas production substantially and create thousands of jobs, underpinning broader infrastructural revival efforts.
These deals with Saudi partners build on investment pledges from Riyadh totalling billions of dollars across strategic sectors such as real estate, infrastructure, telecommunications, tourism and energy, reflecting a concerted Saudi commitment to Syria’s economic recovery.
Saudi investment forums and bilateral discussions have emphasised long-term cooperation, investment protection frameworks and direct capital flows to support reconstruction and diversification of the Syrian economy.
Together, the offshore energy pact with Chevron and the suite of bilateral agreements with Saudi and Qatari investors illustrate a pivotal moment for Syria’s economy.
After nearly fifteen years of conflict, these initiatives signal renewed international engagement, enhanced investor confidence and an ambitious strategy to restore national energy output while stimulating broad-based growth across productive sectors.
In Damascus on February four, the state-owned Syrian Petroleum Company signed a memorandum of understanding with U.S. energy giant Chevron and Qatar’s Power International Holding to explore and develop the country’s first offshore oil and gas field in territorial waters, in a deal attended by Washington’s special envoy to Syria, Tom Barrack.
The accord — described by Syrian officials as a transformational moment — focuses on preliminary offshore exploration and cooperation to leverage Syria’s hydrocarbon potential after more than a decade of war damaged infrastructure and reduced production.
Petroleum Company leadership said technical teams are now tasked with advancing the agreement toward binding contracts, with mobilisation and drilling expected to begin later this year and gas reserves potentially reached within four years.
Separately, Damascus has been strengthening economic ties with the Kingdom of Saudi Arabia, deepening historic relations that have expanded since the transition of political authority in late 2024. The Syrian Petroleum Company has signed multiple strategic agreements with Saudi oil and gas service firms, including ADES Holding, TAQA, ARGAS and Arabian Drilling, aimed at boosting onshore production, enhancing technical operations and increasing output across existing fields.
Syrian officials have projected that the agreements could lift gas production substantially and create thousands of jobs, underpinning broader infrastructural revival efforts.
These deals with Saudi partners build on investment pledges from Riyadh totalling billions of dollars across strategic sectors such as real estate, infrastructure, telecommunications, tourism and energy, reflecting a concerted Saudi commitment to Syria’s economic recovery.
Saudi investment forums and bilateral discussions have emphasised long-term cooperation, investment protection frameworks and direct capital flows to support reconstruction and diversification of the Syrian economy.
Together, the offshore energy pact with Chevron and the suite of bilateral agreements with Saudi and Qatari investors illustrate a pivotal moment for Syria’s economy.
After nearly fifteen years of conflict, these initiatives signal renewed international engagement, enhanced investor confidence and an ambitious strategy to restore national energy output while stimulating broad-based growth across productive sectors.
