ConocoPhillips Nears Deal to Revive Syria Gas Production

A major U.S. producer appears poised to re-enter one of the Middle East's most challenging energy markets. The move could signal a broader shift for Syria's gas sector.

(Reuters) — U.S. oil and gas producer ConocoPhillips is set to sign a contract with Syria's new government to revive gas production, the Financial Times reported on Monday, citing two people familiar with the matter.

ConocoPhillips and Novaterra Energy will develop existing gas fields and explore for new reserves, under an agreement with state-owned Syrian Petroleum Company, the report said.

The potential deal, which builds on a November memorandum of understanding signed, is expected to be signed this week, FT reported.

ConocoPhillips declined to comment.

French oil major TotalEnergies, QatarEnergy and ConocoPhillips signed a ​deal with Syrian Petroleum Company in May to launch a ‌technical review of the offshore Block 3 area near Latakia.

The MoU established a ​framework for discussing commercial exploration. It is part of ​a broader government push to attract ⁠foreign investment into Syria's energy sector, battered by years ​of civil war and sanctions.

Interest among energy majors for new Syrian projects has grown since Bashar al-Assad's ouster in late ⁠2024.