Syria's state-owned petroleum company signed a memorandum of understanding (MOU) with U.S. energy giant Chevron and a Qatar-based investor. The agreement focuses on developing the nation's first offshore oil and gas field.
Signed in Damascus, the MOU covers offshore exploration and hydrocarbon resource development within Syria's territorial waters. This cooperation aims to attract further investment to the energy sector.
The deal marks Syria's first major step toward offshore energy production. The government seeks to expand hydrocarbon output following years of conflict that severely impacted the sector.
For Chevron, the agreement significantly expands its exploration activities into a new, geopolitically complex region. This move potentially unlocks new long-term energy reserves.