Syria selects offshore oil and gas block for its first deep-water project with Chevron

The Syrian Petroleum Company announced on Monday that Syria had identified an offshore site for its first deepwater 'oil and -gas exploration project, with U.S. major Chevron?and Qatari UCC Holding?.

The move is part a larger push by Syria's newly elected government to attract foreign investments?into its battered energy industry after years of 'civil war' and sanctions.

SPC, the state-owned company, said it had identified the offshore block with Chevron, UCC Holdings, and that the identification was complete. This will allow the finalisation of contracts and the start of technical operations in the summer.

Chevron, the U.S. oil company, signed a preliminary deal in February with SPC Holding and UCC Holding for offshore oil and gas exploration. This was their entry into Syria’s eastern Mediterranean offshore sector.

Chevron operates the Leviathan field, Israel's biggest energy asset.

Since the ouster of former President Bashar al Assad who was toppled in 2024 at the end of a 14-year-long civil war, other U.S. companies have also shown interest. Reporting by Feras Dalatey in Dubai Editing Peter Graff

(source: Reuters)