TotalEnergies, QatarEnergy and ConocoPhillips sign deal to review offshore block in Syria
Overview of the Offshore Block 3 Agreement
By America Hernandez
May 12 (Reuters) - French oil major TotalEnergies, QatarEnergy and ConocoPhillips have signed a deal with the Syrian Petroleum Company to launch a technical review of the offshore Block 3 area near the Syrian city of Latakia, TotalEnergies said on Tuesday.
Details of the Memorandum of Understanding
The memorandum of understanding establishes a framework for discussing commercial exploration, and is part of a broader push by Syria's new government to attract foreign investment into the country's battered energy sector after years of civil war and sanctions.
TotalEnergies' Previous Operations in Syria
In 2011 TotalEnergies produced 53,000 barrels of oil-equivalent per day in Syria, comprising mostly natural gas, before leaving the country to comply with European Union sanctions.
Background on Syria's Oil Exports
Syria exported 380,000 barrels of oil per day (bpd) in 2010, a year before protests against Bashar al-Assad's rule spiralled into a nearly 14-year war that devastated the country's economy and infrastructure - including crude production.
Statements from Company Executives
"We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011, and we look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea," Julien Pouget, Total's upstream senior vice president for the Middle East and North Africa, said in a statement.
Growing Interest in Syrian Energy Projects
Interest among energy majors for new Syrian projects has grown since al-Assad's ouster in late 2024.
Chevron's Recent Developments
On Monday Chevron selected a site for Syria's first deep-water oil and gas project, with technical operations starting this summer.
Reporting Credits
(Reporting by Gianluca Lo Nostro, Zakarya Meliani; Editing by Milla Nissi-Prussak and Louise Heavens)
