Key facts
- ConocoPhillips is set to sign a gas development deal with Syria's state gas company.
- This would make ConocoPhillips the first U.S. oil major to sign a contract with Syria's new government.
- The deal involves developing existing fields and exploring for new production in partnership with Novaterra Energy.
- Syria's government expects the deal to increase daily gas output by 4 to 5 million cubic meters.
- Syria possesses at least 1.3 billion barrels of oil equivalent in discovered resources, with its offshore sector unexplored.
ConocoPhillips is reportedly close to signing a significant gas development contract with Syria's state gas company, which would mark the first such agreement between a major U.S. oil firm and the nation's new government. The deal, expected to be finalized this week, involves developing existing fields and exploring for new reserves in partnership with Novaterra Energy. This move follows a preliminary agreement last year and aims to boost Syria's domestic gas production significantly. Syria is estimated to hold substantial undiscovered oil and gas resources, particularly in its untapped offshore sector. Other international energy companies, including Chevron, TotalEnergies, Eni, and QatarEnergy, have also recently entered into agreements with the Syrian government for resource development.