JEDDAH: Syria is seeking to revive its offshore energy sector after QatarEnergy, TotalEnergies, ConocoPhillips and Syrian Petroleum Co. agreed to assess oil and gas exploration potential in the country’s Mediterranean waters, marking a significant step toward reopening upstream investment activity.
The agreement covers a technical review by the partners to evaluate the potential of Block 3 offshore Syria and sets the framework for further technical and commercial discussions, according to a statement by Qatar’s national energy company.
The deal reflects Syria’s efforts to rebuild its oil and gas sector after years of conflict severely disrupted production and damaged critical infrastructure. It also comes as the eastern Mediterranean attracts growing interest from international energy companies following major offshore discoveries across the Levant Basin.
The exploration area lies in the Levantine Basin in the eastern Mediterranean, offshore the Syrian city of Latakia, with water depths ranging from 100 to 1,700 meters.
According to the statement, the agreement was signed at QatarEnergy’s headquarters in the presence of Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs and president and CEO of QatarEnergy, alongside senior executives from TotalEnergies, and ConocoPhillips, as well as Syrian Petroleum Co.
Commenting on the signing, Al-Kaabi said: “This agreement reflects QatarEnergy’s continued international growth strategy and its efforts to explore upstream oil and gas business development opportunities in the region and globally.”
He added: “We are pleased to partner with the Syrian Petroleum Co. to explore potential opportunities that can support growth and prosperity for Syria. We look forward to working closely with our international partners, TotalEnergies and ConocoPhillips, as well as other relevant stakeholders, to assess this opportunity.”
According to the Syrian Arab News Agency, Syrian Petroleum Co. said on its Telegram channel that the memorandum of understanding, signed by CEO Yusuf Qablawi, “stipulates that the second party will conduct the necessary technical studies, develop a work program, and draft an exploration contract, paving the way for a transition to advanced implementation phases in offshore exploration activities.”
This step comes as part of the SPC’s efforts to expand cooperation with major international specialized companies and benefit from advanced expertise and modern technologies in exploration and production, contributing to supporting the energy sector and enhancing investment opportunities and economic development in Syria, as per SANA.
In a separate statement, TotalEnergies said that the agreement establishes a framework for technical and commercial discussions related to exploration activities on this block.
“We are pleased to enter into this new partnership with the Syrian Petroleum Co., with which we had a long and fruitful relationship from 1988 to 2011, and we look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea,” Julien Pouget, senior vice president for MENA exploration and production at the France-headquartered company, said.
In February, SPC signed an MoU with Chevron International and Power International Holding for offshore oil and gas exploration in Syria.
The deal, signed at the People’s Palace in Damascus, aims to invest in exploration and drilling within Syrian territorial waters, strengthen strategic energy partnerships, and support development pathways, according to SANA.
The MoU was signed by Qablawi, Frank Mount, head of corporate business development at Chevron, and Erik Keskula, CEO of Power International Holding.
