SEATTLE (Oil Monster): Dana Gas PJSC, one of the Middle East’s leading natural gas producers, has entered into a Memorandum of Understanding (MoU) with the Syrian Petroleum Company (SPC) to explore opportunities for redeveloping and expanding natural gas fields in central Syria.
The strategic partnership aims to assist the Syrian government in advancing its plan to ramp up national gas production and revive the country’s energy industry. The move follows the recent lifting of U.S. sanctions on Syria, which has opened doors for renewed foreign investment in the nation’s energy sector.
Under the MoU, both companies will assess several key gas assets, including the Abu Rabah gas field—one of Syria’s largest gas discoveries—alongside other SPC-operated fields.
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Dana Gas CEO Richard Hall stated that the collaboration represents a crucial milestone in evaluating options to rebuild Syria’s gas infrastructure and tap into its substantial untapped reserves. “This agreement lays the foundation for long-term cooperation to help restore and expand the country’s natural gas capabilities,” he said.
Before the onset of the Syrian civil war, oil and gas were central to the nation’s economy, generating close to $3 billion in annual revenue and contributing roughly 25% to its GDP. However, production levels plummeted sharply from around 380,000–400,000 barrels per day before 2011 to just about 25,000 barrels per day by 2014.
The latest collaboration between Dana Gas and SPC is seen as a significant step toward restoring Syria’s energy self-sufficiency and attracting broader international participation in the rebuilding of its hydrocarbon sector.
