Syria finalises exploration site with Chevron and Qatar

Syria has reportedly finalised the site for its first deepwater oil and gas exploration project with Qatar’s UCC Holding and US energy giant Chevron.

Syrian Petroleum Company will finalise the contracts and start technical operations in the summer, Reuters reported, quoting the state-backed entity.

The move is expected to attract new investment into Syria’s energy sector, battered by civil war and sanctions.

• Syria’s energy revamp rests on support from US and Gulf
• Chevron-Qatar venture to search for offshore oil and gas in Syria
• Saudi and US companies to link up for Syria energy project

In February, Syrian Petroleum signed an agreement with Chevron and Qatar’s Power International Holding to develop Syria’s first offshore oil and gas hub. QatarEnergy, TotalEnergies and ConocoPhillips are evaluating another block.

In the same month Saudi Arabia said it would invest SAR7.5 billion ($2 billion) to develop new airports in Syria.

Last July Riyadh announced $6.4 billion in investments in Syria, spread across 47 deals involving more than 100 Saudi companies working in real estate, infrastructure and telecoms.