The Syrian Petroleum Company (SPA) has 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.
The agreement was signed on Tuesday in Damascus “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,” the SANA news agency said.
The project “aims to raise production from the targeted fields and modernise their operational infrastructure in line with the latest technical standards,” it added.
According to the outlet, the project also “seeks to advance plans for developing Syria’s energy sector and attract international expertise and investment to help rehabilitate and upgrade its infrastructure.”
Syrian economy, citizens will benefit
Youssef Qablawi, CEO of SPA, described the agreement as “an important step” in the development of Syria’s gas sector, saying it reflected international partners’ confidence in investment opportunities in the country.
He said the cooperation “is expected to increase production, improve operational efficiency and strengthen the energy system, benefiting both the national economy and citizens’ needs.”
ConocoPhillips Chairman and CEO Ryan 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 gas production.
Novaterra Energy CEO Alex MacDonald said the company “looks forward to working with its partners and the Syrian government to ensure the success of the project.”
Separately, the Syrian presidency said in a statement that President Ahmad al-Sharaa received Lance, MacDonald and Syrian businessman Ayman Asfari at the People’s Palace in Damascus, in the presence of Foreign Minister Asaad al Shaibani and Energy Minister Mohammad al-Bashir.
The meeting focused on prospects for cooperation in the energy sector following the signing of the development agreement, the statement said.
Since the overthrow of Bashar al Assad’s regime on December 8, 2024, Syria’s new administration has sought to secure a stable level of national energy security to avoid disruptions that could threaten the country’s stability.
