On Wednesday, Syria signed a memorandum of understanding with US oil company Chevron and Qatar-based Power International Holding to explore oil and natural gas in Syrian territorial waters.
During the signing ceremony, Youssef Qablawi, CEO of the Syrian Petroleum Company, said the importance of the memorandums lies in their role in strengthening the national economy, News.Az reports, citing foreign media.
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A dedicated team has been assigned to support the agreement with the aim of turning it into a binding contract, Qablawi said.
Oil wells in Syria had been subjected to sabotage before coming under state control during a military operation against the terrorist organization YPG/SDF in the northeastern provinces of Raqqa and Deir el-Zour, he added.
US special envoy to Syria Tom Barrack said during the signing ceremony that Syria “continues to impress with its social fabric vertically and horizontally, under the leadership of President Ahmad al-Sharaa,” according to the channel.
Barrack said Chevron is among the world’s most prominent energy companies and typically operates in line with US policy, adding that the partnership represents a transformative step toward reshaping Syria’s image after years of hardship.
“(The Syrian) political leadership is a cornerstone of recovery and stability, and that investment in the energy sector could open the door to jobs and improved living conditions in Syria,” Barrack added.
On Jan. 25, the Syrian Petroleum Company announced that its technical teams had begun extracting oil from fields recaptured by the army from the SDF.
With the government regaining full control over oil and gas fields after pushing out SDF fighters, observers say the move marks one of the most significant economic turning points in decades.
Syria holds an estimated 2.5 billion barrels of oil reserves, with current production at about 100,000 barrels per day. The country also has roughly 285 billion cubic meters of gas reserves, with current output estimated at about 12.5 million cubic meters.
The reserves underscore Syria’s sizeable resource potential, particularly as security and political stability improve in eastern regions.
The Syrian government continues to face major challenges, including rehabilitating damaged energy infrastructure, securing technical cooperation from abroad and attracting investment to gradually increase production capacity.
