Syria signs deals with ConocoPhillips, Novaterra Energy: What to know
Syria signed a memorandum of understanding with US energy companies ConocoPhillips and Novaterra Energy to develop and explore gas fields as Damascus works to revive the country’s battered natural gas sector.
Syria’s state-run Syrian Petroleum Company signed a memorandum of understanding with US-based energy companies ConocoPhillips and Novaterra Energy to advance cooperation in the country’s natural gas sector and boost national production as US companies look for investment opportunities after the lifting of Assad-era sanctions.
The MoU, signed in Damascus on Tuesday in the presence of Minister of Energy Mohammed al-Bashir, includes the development of several existing natural gas fields in Syria and exploration programs for new gas reserves, the Syrian Energy Ministry said in a statement released Tuesday.
“The MoU is part of the ministry’s efforts to expand partnerships with international companies and develop the production infrastructure of the oil and gas sector, which will generate significant economic returns and support recovery and development plans in Syria,” the statement read.
Speaking to the official Syrian news agency on Tuesday, Syrian Petroleum Company CEO Youssef Qablawi said that under the MoU, gas production from the existing fields in the country would increase by 4 to 5 million cubic meters per day within a year of the start of work. He noted that Syria currently produces 7 million cubic meters of natural gas per day. Qablawi did not specify the area where drilling will take place.
