ConocoPhillips will sign a contract with Syria’s new government to restart natural gas production. This agreement makes ConocoPhillips the first major U.S. energy firm to re-enter the country. The deal includes the state-owned Syrian Petroleum Company and partner Novaterra Energy.
The collaboration focuses on developing existing gas fields and exploring new reserves. This contract formalizes a memorandum of understanding signed in November.
Syrian officials anticipate the project will increase gas output by 4 to 5 million cubic meters per day within one year. The government is using the deal to attract foreign investment to an energy sector damaged by years of conflict and sanctions.
The move signals a strategic re-entry for ConocoPhillips into the Middle Eastern market. Analysts suggest the deal could pave the way for other Western energy companies to invest in the region’s recovery.