Damascus, Feb. 6 (SANA) Director of Corporate Communication at the Syrian Petroleum Company, Safwan Sheikh Ahmad, said that the memorandum of understanding signed two days ago with Chevron and Power International Holding paves the way for launching specialized technical studies in offshore oil and gas exploration, expected to begin within two months of the signing date.
Sheikh Ahmad explained, in a statement to SANA, that the MoU constitutes a general framework for technical cooperation and preliminary studies, noting that the evaluation work will be carried out with the participation of specialized experts.
He added that, based on the study results, the memorandum could be converted into an executive agreement within an estimated period of up to eight months, should positive technical and economic indicators be confirmed.
Sheikh Ahmad pointed out that Syria has five offshore exploration blocks extending from Tartous to Lattakia, indicating that one of these blocks will be designated as the scope of joint work under the memorandum.
He noted that if the project advances to the implementation phase and an agreement is signed, subsequent exploration stages, up to the potential discovery of offshore gas reservoirs, could take between three and four years, in accordance with internationally adopted standards for offshore projects.
Sheikh Ahmad stressed the strategic importance of the project for Syria, particularly in introducing advanced global expertise in offshore exploration, building national technical capacities, and establishing scientific foundations for investing marine resources, in a manner that supports national energy security and enhances medium- and long-term economic development opportunities.
The Syrian Petroleum Company signed a memorandum of understanding two days ago with global energy company Chevron and Power International Holding to cooperate in offshore oil and gas exploration off the Syrian coast, as part of the state’s efforts to assess offshore potential and open new investment horizons in the energy sector.
