Syria Signs Gas Development Deal With ConocoPhillips and Novaterra Energy in Damascus

Syria signed a gas development deal in Damascus on Tuesday with US-based ConocoPhillips and Novaterra Energy, with the Syrian Petroleum Company (SPC) agreeing to develop several gas fields and expand production from existing sites.

“The Syrian Petroleum Company (SPA) on Tuesday signed an investment agreement with US-based ConocoPhillips and Novaterra Energy to develop several gas fields and increase production as the country seeks to rebuild its energy sector”

A News

The Syrian energy ministry said the agreement was signed at the Ministry of Energy headquarters in Damascus, and it was framed as part of efforts to strengthen Syria’s energy sector and expand natural gas supplies for electricity generation and other key industries.

A News

Energy Minister Mohammed al-Bashir said the agreement “represents an important milestone in the development of the energy sector in Syria, and reflects the return of international confidence in the investment environment in the sector.”

SANA reported that the project is designed to increase gas output from targeted fields, modernize operational infrastructure, and improve efficiency in line with current industry standards, while the Syrian Presidency said interim President Ahmad al-Sharaa received the two CEOs to discuss prospects for cooperation and developing the operational structure of the gas fields.

The New Region said a memorandum of understanding was first signed in November to expand cooperation in the gas sector, and it added that ConocoPhillips chairman and CEO Ryan Lance described the signing as “the re-entry of our company back into Syria in partnership with NovaTerra.”

SANA said Youssef Qablawi, chief executive officer of the Syrian Petroleum Company, described the agreement as “an important step” in the development of Syria’s gas sector and said it reflected growing confidence among international partners in investment opportunities within the country.

In Damascus, ConocoPhillips chairman and chief executive officer Ryan M. Lance said the company had signed an agreement to support the development of onshore gas resources in Syria, creating a framework for restoring and expanding natural gas production, while Novaterra Energy CEO Alex MacDonald said his company “looks forward to working with its partners and the Syrian government to advance the project.”

Al-Jazeera Net

The Jerusalem Post reported that Syria’s state media SANA said the agreement was signed at the Ministry of Energy headquarters in Damascus and “marks a new phase in cooperation between the three parties following months of technical, legal and commercial discussions.”

The New Region said Syrian interim President Ahmad al-Sharaa received the two CEOs after the signing to discuss “the prospects of cooperation” and “to develop the operational structure of the gas fields and to promote the national gas production,” according to the Syrian Presidency.

The National described the same SANA framing that the project aims “to develop a number of gas fields and expand output from existing ones to support the country's energy system and increase gas supplies for the electricity sector and other vital industries,” linking the deal to Syria’s effort to rebuild its energy sector.

The deal was presented as part of a wider push to attract international expertise and investment to rehabilitate and develop Syria’s energy infrastructure, with SANA saying the initiative forms part of broader efforts to support rehabilitation and development of Syria’s energy infrastructure.

“Skip to content Subscribe Sectors Sign in Subscribe Français Brent $79”

energynews.pro

The New Region said Damascus has aimed to revive its energy sector, which has suffered severe setbacks throughout years of war and civil unrest, and it noted that since the rise of the new Syrian government following the ousting of the previous Baath regime, Damascus has sought to attract international energy investment.

Al-Jazeera Net reported that the Syrian Petroleum Company said the cooperation is meant to “support the energy system and bolster the gas supplies needed for the electricity sector and other vital sectors,” and it quoted Yusuf Qablaoui saying the cooperation seeks “increase production, improve operational efficiency, and support the energy system.”

The stakes described by The National included that the agreement is expected to increase production, improve operational efficiency, and strengthen the energy system “benefiting both the national economy and citizens' needs,” while the Syrian presidency said the meeting focused on prospects for cooperation in the energy sector following the signing of the development agreement.

The New Region also placed the signing alongside other recent Syrian energy steps, including a memorandum of understanding signed in November with ConocoPhillips and Novatera, and it said in May Syria signed an MoU with ConocoPhillips, France's TotalEnergies, and Qatar's QatarEnergy on offshore oil and gas exploration.