Syria taps Chevron, Qatar for offshore oil and gas exploration

Chevron signed a preliminary agreement with Syria’s state-owned oil company and Qatar’s UCC Holding to study prospects for finding offshore oil and gas as the country tries to rebuild its economy from 14 years of civil war.

At a signing ceremony in Damascus on Wednesday, Syrian Petroleum Co. CEO Youssef Kabalawi described the venture as “the most important” offshore energy exploration deal in Syria’s history.

For Syria, the agreement offers a possible route toward developing offshore resources for the first time as the fledgling government of President Ahmed al-Shaara seeks to revive energy production and attract foreign investment.

The deal builds on Chevron’s expanding eastern Mediterranean portfolio, which includes a recently approved expansion of Israel’s Leviathan gas field, which is set to supply Egypt and others with more than $35 billion worth of natural gas.

Separately, TotalEnergies is leading a consortium with Eni and QatarEnergy that received a new permit to explore offshore Lebanon. The French company began looking for natural gas off the Lebanese coast in late 2022, but results so far have been disappointing.