ConocoPhillips to sign agreement with Syria to restart gas production, reports FT

The Financial Times, citing people familiar with this matter, reported that U.S. Oil and?Gas Producer ConocoPhillips was set to sign a deal with Syria's new government to revive gas production.

The report said that ConocoPhillips will work with Novaterra Energy to develop existing gas reserves and search for?new ones, as part of an agreement signed with the state-owned Syrian Petroleum Company.

The FT reported that the potential deal, which 'builds on a memorandum-of-understanding (MoU), signed in November, will be signed this week.

ConocoPhillips did not respond immediately to a comment request.

In May, TotalEnergies (French oil major), QatarEnergy (Quatar Energy) and ConocoPhillips (ConocoPhillips) signed an agreement with Syrian Petroleum Company to begin a technical study of the offshore Block 3 near Latakia.

The MoU established an?framework for discussing commercial exploration. The MoU is part of a larger government effort to attract foreign investments into Syria's energy sector, which has been battered for years by civil war and sanctions.

Since Bashar 'al-Assad was ousted in?late 2024, energy companies have become more interested in new Syrian?projects. (Reporting and editing by Anil D’Silva, Joyjeet Das and Pritam biswas in Bengaluru)

(source: Reuters)