Syria has signed a memorandum of understanding (MoU) with U.S. oil major Chevron and Qatar-based Power International Holding to explore and develop the country’s first offshore oil and gas resources, marking what officials have described as a historic step toward reviving the national energy sector.
The agreement was signed in Damascus at the People’s Palace between Chevron, the state-owned Syrian Petroleum Company, and Power International Holding, in the presence of senior Syrian officials, diplomatic representatives, and the U.S. special envoy to Syria, Thomas J. Barrack Jr., according to Syrian state media.
The MoU focuses on offshore exploration and potential development of oil and gas resources in Syria’s territorial waters in the eastern Mediterranean. Syrian officials said the deal aims to strengthen strategic partnerships in the energy sector and attract foreign investment after years of decline caused by prolonged conflict and economic sanctions.
Youssef Qublawi, CEO of the Syrian Petroleum Company, described the agreement as “one of the most important deals in Syria’s energy sector and offshore exploration history.” He noted that the MoU represents an initial assessment phase, with specialized technical teams to be formed to evaluate maritime opportunities and work toward converting the agreement into full executive contracts.
“Before the summer, God willing, we will start mobilisation and drilling,” Qublawi said, adding that reaching offshore gas reserves could take up to four years.
The deal comes as Syria’s government seeks to reinvigorate an energy sector that was once a pillar of the national economy but was heavily damaged during nearly 14–15 years of conflict. Before the war, Syria produced around 380,000 barrels of oil per day and approximately 25 million cubic metres of natural gas daily, generating more than $3 billion in revenues in 2010.
Despite the damage, Syria’s hydrocarbon potential remains significant. The Oil & Gas Journal estimated in 2015 that the country holds around 2.5 billion barrels of proven oil reserves and 8.5 trillion cubic feet of natural gas.
Analysts note that Syria’s offshore waters lie in a strategically important region of the eastern Mediterranean, where major gas discoveries have been made in recent years by neighboring countries such as Egypt, Israel, Cyprus, and Lebanon. The involvement of a global energy company like Chevron is seen as a signal of renewed international interest in assessing Syria’s offshore potential, particularly amid relative stabilization along the coast.
However, experts caution that moving from exploration to production will require advanced offshore technology, major infrastructure investments, sustained international cooperation, and a stable political and legal environment. Ongoing international sanctions and the need to rehabilitate damaged energy infrastructure remain key challenges that could affect the project’s long-term viability.
Still, Syrian officials and economic analysts view the MoU as a critical first step toward unlocking offshore resources that have remained untapped for years, with the potential to provide a significant boost to the country’s economy if exploration proves successful.
