Syria Takes First Steps Toward Offshore Oil Exploration Revival
Syria has entered a memorandum of understanding with the US and Qatar to develop its first offshore oil and gas field. This agreement marks a strategic partnership involving Chevron to explore and develop resources, aiming to revive the Syrian economy post-conflict by expanding hydrocarbon production.
- Country:
- Syria
In a historic move, Syria has initiated a partnership with the US and Qatar for the development of its maiden offshore oil and gas field. The agreement was signed with the attendance of US special envoy Tom Barrack, marking the country's commitment to revitalizing its energy sector.
State-owned Syrian Petroleum Company signed the memorandum with US energy giant Chevron and Qatar's Power International Holding. The deal underscores Syria's efforts to reinstate its oil industry, devastated by nearly 15 years of conflict. This partnership hopes to attract investments and strengthen energy sector cooperation.
Before the conflict in 2011, oil was a major component of Syria's economy, contributing significantly to the government's budget. With the new agreement, Syria aims to reclaim its position as a robust oil producer, focusing on offshore exploration to bolster economic recovery.
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