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4h ago

Syria Signs Offshore Energy MOU With Chevron and Qatari Partner

The move signals Syria’s bid to revive its war-battered energy sector through a first step into offshore exploration.

Platform Edith, the largest of Chevron's USA's offshore production platforms, is seen off the southern California coast, on Oct. 6, 2021.
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Overview

  • The Syrian Petroleum Company signed a memorandum in Damascus to evaluate offshore oil and gas with Chevron and a Qatari investor, marking the country’s first formal move toward offshore development.
  • SANA said the pact covers cooperation on exploration and development in Syria’s territorial waters and aims to build strategic energy partnerships.
  • Reports differ on the Qatari participant, with AP naming Power International Holding and Al-Monitor and OilPrice identifying UCC Holding.
  • Al-Monitor reported the signing took place at the People’s Palace, and AP said U.S. special envoy Tom Barrack attended.
  • A previous 2013 offshore deal with Russia’s Soyuzneftegaz was abandoned in 2015, and the new accord comes as authorities court foreign firms after recent territorial gains and a series of energy MOUs.