ConocoPhillips bets on Syria's energy revival

Syria has signed a contract with American energy giant ConocoPhillips and Novaterra Energy to develop several gas fields and boost production at existing ones, state media reported Tuesday, the latest in a series of major energy agreements as Damascus seeks to rebuild its war-ravaged infrastructure.

The deal, concluded by the Syrian Petroleum Company (SPC), aims to strengthen gas supplies for the electricity sector and other vital industries. No financial details were disclosed, but SPC Director General Youssef Qablawi, speaking during a visit to Washington last week, described it as the "most important contract" signed since the new authorities came to power following Bashar al-Assad's fall in December 2024.

Syria's oil, gas and electricity production was devastated by the civil war that tore the country apart between 2011 and 2024. The new Islamist-led authorities have since reclaimed control of the country's largest oilfield, al-Omar in the east, following a withdrawal agreement with Kurdish forces.

The ConocoPhillips gas deal follows a string of energy agreements: a memorandum of understanding signed in May with ConocoPhillips, France's TotalEnergies and QatarEnergy on offshore oil and gas exploration, and an earlier deal in February involving Chevron.

Damascus has set an ambitious target of producing one million barrels of oil per day by 2030,  a goal that will require sustained foreign investment and rapid infrastructure modernisation.