In a development widely viewed as a turning point for Syria’s energy sector, the state-owned Syrian Petroleum Company (SPC) has signed a landmark memorandum of understanding with U.S. oil giant Chevron and Qatar’s Power International Holding to explore for oil and gas in Syrian territorial waters.
The agreement — concluded at the People’s Palace in Damascus — seeks to “enhance strategic partnerships in the energy sector and support development, investment, and offshore exploration,” according to the Syrian Arab News Agency (SANA).
The signing ceremony drew notable international attention, including the presence of U.S. Envoy to Syria Tom Barak. Barak praised the initiative, declaring that “Syria continues to amaze us with its vertical and horizontal fabric under the leadership of President Ahmad Al-Shar.” He described political leadership as a foundation for recovery and stability, adding that investment in the energy sector “opens horizons for job opportunities and a better life in Syria.”
He characterized the partnership as a “transformative step that draws a new picture for Syria after years of suffering,” noting that Chevron “is one of the most important and largest companies that goes wherever U.S. policy moves.”
SPC CEO Youssef Qablawi highlighted the memorandum’s economic significance, stressing that the company has already formed a dedicated team to shepherd the MoU toward a full contractual agreement. He also referenced the sector’s earlier challenges, recalling that “oil wells were subjected to sabotage before the state took control of them.”
The deal represents a notable entry by major international energy players into Syrian offshore territory, signalling potential shifts in the country’s long-stalled reconstruction landscape. Analysts will be watching closely as the preliminary understanding moves toward a binding contract.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
