Syria signss gas cooperation agreement with ConocoPhillips & Novaterra

Syria's Energy Ministry announced on Tuesday that the Syrian Petroleum Company and U.S. ConocoPhillips have signed a Memorandum of Understanding to expand their cooperation in natural gas.

Syria produces only a fraction (of the electricity needed) of what it requires today due to the destruction caused by its 14-year civil conflict. However, the power supply has significantly improved in recent months, thanks to gas imported from Azerbaijan, and Qatar.

The Ministry said that the MoU covers the development of existing fields of gas and the exploration of new ones, using the latest technical and technological standards. This is to increase domestic production and strengthen energy security.

Youssef Kabalawi, CEO of the Syrian Petroleum Company said that the gas production is expected to increase by 4-5 millions cubic metres per day in a year.

The agreement comes as the Syrian government pledges to increase power supply.

The war is believed to be the reason for the decline in Syria's natural gas production to 3 billion cubic meters in 2023, from 8.7 billion cubic metres in 2011. Reporting by Tala RAMADAN. Jaidaa Taka has contributed to the reporting. Muhammad Al Gebaly wrote the article. Joe Bavier, Mark Potter and Mark Potter (Editing)

(source: Reuters)