Damascus, Feb. 4 (SANA) Syria’s state-owned Syrian Petroleum Company signed a memorandum of understanding on Wednesday withChevron International and Power International Holding for the development of the country’s first offshore oil and gas field.
The agreement aims to invest in exploration and drilling within Syrian territorial waters, strengthen strategic energy partnerships, and support development pathways. The signing ceremony took place at the People’s Palace in Damascus.
The MoU was signed by Yusuf Qablawi, CEO of the Syrian Petroleum Company, Frank Mount, Head of Corporate Business Development at Chevron, and Erik Keskula, CEO of Power International Holding.
First Comprehensive Offshore Exploration Agreement
Qablawi stressed that this MoU is the most significant in Syria’s energy sector and marks the country’s first integrated offshore exploration agreement. He noted its pivotal role in strengthening the national economy, adding that post-liberation efforts are moving in parallel toward offshore investment.
“A dedicated team has been assigned to support the agreement and transform it into an executive contract, while also developing engineering and technical expertise in offshore exploration. This will contribute to boosting oil and gas production.” Qablawi added.
He stressed that Syria is one of the key countries in the Eastern Mediterranean and aims to become an exporter by achieving a gas surplus that benefits citizens and strengthens the national economy.
A New Phase for Syria
Frank Mount, Chevron’s Head of Corporate Business Development, described the agreement as the beginning of a new era of prosperity in Syria.
He underlined Chevron’s commitment to building a genuine partnership with the Syrian people, creating added value for both sides, and ensuring the long-term success of the collaboration.
“Chevron’s vision is to be the preferred partner worldwide. We have extensive experience in diverse environments that create opportunities in the energy sector, improving lives in the countries where we operate. We hope the same will be true in Syria.” Mount added.
Barrack: Syria Inspires the World Again
U.S. Special Envoy to Syria, Tom Barrack, stated that Syria is once again inspiring the world with its vertically and horizontally integrated fabric under the leadership of President Ahmad al-Sharaa.
The U.S. Envoy described the partnership as a transformative step toward reshaping Syria’s image after years of hardship. Barrack highlighted the political leadership as the cornerstone of recovery and stability, noting that investment in energy opens vast opportunities for employment and improved living standards.
Barrack pointed out that America’s greatest global footprint is Chevron, one of its leading companies, alongside Qatar’s UCC, which is partnering with Chevron in a new gas project. He noted that Syria has indeed transformed after enduring five decades of difficult circumstances, particularly over the past fourteen years.
President al-Sharaa had previously held a preparatory meeting on December 2, 2025, bringing together the Syrian Petroleum Company (SPC) and Chevron International to discuss cooperation opportunities in offshore oil and gas exploration along Syria’s coast.
Chevron UCC is recognized as one of the world’s leading energy companies, operating for more than 140 years to provide affordable clean energy, thereby supporting human progress and improving quality of life.
The signing ceremony was attended by several political and official figures, including Qatar’s ambassador to Damascus, Khalifa bin Abdullah Al-Mahmoud.
Minister of Energy Mohammad al-Bashir wrote on “X”: “We signed a strategic agreement with U.S.-based Chevron and Qatar’s Power International to begin offshore gas exploration for the first time in Syria. Production is expected to commence within a few years, helping meet our natural gas needs.”
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