The Syrian Petroleum Company (SPC) has moved forward with plans to develop Syria’s offshore energy sector following talks with a delegation from Chevron in Damascus aimed at transforming an existing memorandum of understanding into a binding exploration agreement.

During the meeting, SPC CEO Youssef Qiblawy and Chevron representatives discussed the practical and legal steps needed to finalise an executive contract covering Offshore Block (1), part of Syria’s strategy to attract international investment and advanced technology to its oil and gas sector.

The discussions also explored Chevron’s potential participation as a strategic partner in the proposed Kirkuk–Baniyas crude oil pipeline, which would revive the historic route transporting Iraqi crude oil to Syria’s Mediterranean coast after years of inactivity.
Offshore partnership gains momentum

The current negotiations build on a memorandum of understanding signed on 4 February 2026 between SPC, Chevron International, and Qatar’s UCC Holding. The agreement, signed at the Presidential Palace in Damascus in the presence of the US Special Envoy to Syria, focuses on evaluating offshore oil and gas resources in Syrian territorial waters in the eastern Mediterranean.

In April, Qiblawy confirmed that Chevron had formally agreed to proceed with offshore investment and exploration, adding that the three partners had identified the target location within Block (1) and were preparing to launch technical operations during the summer of 2026.
New direction for Syria’s energy sector

The offshore initiative marks a significant shift in Syria’s energy strategy, which has traditionally depended on onshore oil fields located primarily in the country’s northeast.

Industry observers say the involvement of a global energy company such as Chevron reflects growing international interest in Syria’s offshore hydrocarbon potential as security conditions along the Mediterranean coast continue to improve.

However, analysts note that commercial production remains a longer-term objective, requiring substantial investment in offshore infrastructure, specialised drilling technology, a stable regulatory environment, and careful management of risks linked to international sanctions.

Source: SANA