Syria Signs Chevron, Qatari MoU for Offshore Oil and Gas Exploration
By Rizik Alabi/The Media Line
[DAMASCUS] The Syrian government signed a memorandum of understanding (MoU) with the American oil company Chevron and Qatar’s Power International Holding Company for oil and gas exploration in Syria’s territorial waters in the eastern Mediterranean on Wednesday in Damascus.
Officials described the move as historic and as the beginning of a new phase in reviving the national energy sector after years of decline caused by the prolonged war and economic sanctions. The signing ceremony took place at the People’s Palace, attended by representatives of both parties, diplomatic figures and media personnel, including the US special envoy to Syria.
The MoU reflects growing international interest in investment opportunities in Syria, particularly in the energy sector, which was one of the pillars of the national economy before the conflict began.
Youssef Qublawi, CEO of the Syrian Petroleum Company, told The Media Line that the MoU aims to strengthen the national economy and accelerate investment in the vital energy sector, with the formation of a specialized technical team to follow up on the process of converting the preliminary MoU into full executive contracts in the near future.
He emphasized that although the agreement represents an initial assessment phase for maritime opportunities, it constitutes a significant step toward exploiting Syria’s natural resources, which have remained dormant for years due to conflict and damaged infrastructure.
Syria’s territorial waters in the eastern Mediterranean are a strategic area that has witnessed major natural gas discoveries in recent years in countries such as Egypt, Israel, Cyprus, and Lebanon. Analysts say that signing an MoU with global companies like Chevron reflects an international trend to evaluate Syria’s hydrocarbon potential, especially following the relative stabilization of the security situation along the Syrian coasts. However, experts caution that moving from the exploration phase to actual production will require advanced technical equipment, continuous international cooperation and sophisticated maritime infrastructure that Syria has not previously possessed.
Economic experts say the project’s viability depends on several internal and external factors, chiefly the stability of Syria’s political and legal climate, the creation of an investment environment attractive to foreign companies, and the management of risks tied to ongoing international sanctions that continue to restrict the flow of capital.
Rehabilitating the oil and gas sector infrastructure is essential to ensuring sustainable production, and any shortcomings in this regard could reduce the expected returns on investment, economist Yafa Nawaf, told The Media Line.
The MoU represents a strategic Syrian step toward reintegrating the country into the regional energy map, other experts say. The presence of global companies in Syrian exploration projects enhances opportunities for international cooperation and allows Damascus to regain its position as an important player in the eastern Mediterranean, where competition among neighboring countries over maritime resources is intensifying.
However, analysts warn that the absence of clearly defined maritime borders with Lebanon and Turkey could pose future disputes affecting project implementation, which may require ongoing diplomatic dialogue to prevent conflicts over exploration rights.
Economic journalist and analyst Samir Tawil told The Media Line that signing the MoU could serve as a gateway to reviving the Syrian economy after the decline in onshore oil production, which had been the backbone of the state budget before the war, accounting for the majority of oil exports and a substantial portion of domestic energy demand.
After the conflict, production capacity dropped significantly due to the loss of control over vital fields in the northeast and damage to infrastructure, forcing the government to rely on energy imports and fuel purchases to cover shortages.
From a broader economic perspective, signing the agreement with global companies is an opportunity to diversify Syrian income sources and open doors for investment in energy-related sectors, infrastructure and services. Analysts note that such projects could create jobs, improve income levels, and contribute to local development if implemented systematically and sustainably, which requires precise execution plans and advanced technical oversight.
Energy experts highlight that maritime cooperation with international companies carries significant technical and strategic importance, as exploration in territorial waters requires advanced logistical capacities and drilling technologies that were previously unavailable in Syria. Survey and exploration operations are expected to begin in the coming months, but achieving actual oil and gas production may take several years—possibly between three to five—according to expert estimates, placing the agreement within a long-term project rather than as a quick solution to energy shortages.
A government source, who wished to remain anonymous, stated that the MoU represents Damascus’ attempt to strengthen its role in the regional economy after years of isolation and sanctions, with officials seeking to attract major investments in the energy sector not only to boost production but also to develop infrastructure networks, ports and facilities linked to oil and gas.
At the same time, analysts note that international economic sanctions and political pressures on Syria remain a major challenge to achieving the anticipated benefits, making long-term planning and continuous international cooperation crucial.
From a geopolitical perspective, the MoU reflects Syria’s desire to restore its position as an influential player in the eastern Mediterranean, where multiple countries compete for maritime resources.
Experts add that the participation of American and Qatari companies in the project may enhance Damascus’s international credibility, but it does not eliminate the need to resolve maritime boundary and exploration rights issues clearly to avoid future disputes with neighboring countries.
Although signing the MoU does not signify immediate production or a tangible short-term economic impact, it indicates an improvement in the investment climate and opens the door for larger future projects in renewable energy, oil, gas and associated industries. Some analysts believe that Syria has an opportunity to reshape its long-term economic profile, provided that clear execution plans are followed and logistical and political challenges are overcome.
Additionally, developing the maritime energy sector could have positive effects on the local economy, including increasing employment opportunities, developing technical skills and stimulating supporting industries such as transportation and logistics, enhancing Syria’s ability to recover gradually after decades of stagnation and contraction.
Overall, the MoU represents a strategic first step toward reintegrating Syria into the regional and international energy market, but it remains the beginning of the journey. The project requires actual implementation on the ground, significant investments and continuous coordination with international and regional partners to ensure sustainable production and tangible economic benefits for Syria.
The hopes of Syrians remain tied to the government’s ability to transform this agreement into actual production that contributes to improving the economic and social situation after years of conflict and international isolation.
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