Overview
- State media and Syrian Petroleum Company announced on Tuesday that ConocoPhillips and Novaterra have been awarded an onshore gas development agreement to develop and boost production at several gasfields.
- Novaterra is reported to be linked to Syrian-British businessman Ayman Al Asfari, who is listed as a director, while ConocoPhillips previously operated in Syria before the 2011 conflict.
- Officials say the project will target increased gas output, modernize operational infrastructure, and raise efficiency to industry standards, but the deal’s commercial terms and timelines have not been published.
- The award follows removal of US sanctions late last year and a string of recent agreements with foreign firms, a shift that has prompted Gulf and other international interest in Syrian reconstruction.
- Industry work by Wood Mackenzie and government statements note at least 1.3 billion barrels of oil equivalent in discovered resources and large underexplored areas, which could support wider power and industrial recovery if projects proceed.