SEATTLE (Oil Monster): U.S.-based oil and gas producer ConocoPhillips is reportedly preparing to sign an agreement with the Syrian government to develop existing gas fields and explore new hydrocarbon opportunities in the country.
The proposed deal, which also involves Novaterra Energy, marks a significant step in Syria’s efforts to attract foreign investment following improved relations with the U.S. and the easing of international sanctions imposed on the country.
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The agreement, to be signed with the Syrian Petroleum Company (SPC), will focus on expanding Syria’s natural gas production capabilities. The contract is scheduled to be signed this week, though ConocoPhillips and Syrian authorities have not yet made any confirmation.
The development follows a memorandum of understanding (MoU) signed in May between SPC, ConocoPhillips, France-based TotalEnergies, and QatarEnergy to evaluate commercial offshore exploration opportunities in Syrian territorial waters.
Of late, there has been a growing interest from foreign companies in Syrian oil field investments. Recently, U.S. company HKN signed a 25-year agreement to develop the Rmelan oil fields in northeastern Syria. Under the agreement, HKN would receive 60% of production, while SPC and Al-Jazeera Oil Services Company would receive 32% and 8%, respectively.
