Jun. 15 at 11:41 PM
ConocoPhillips is set to become the first major U.S. oil and gas company to sign a deal with Syria's new government as the country seeks to revive its war-ravaged economy. Under an agreement with Syrian Petroleum Company, ConocoPhillips and Novaterra Energy will develop existing gas fields and explore new ones, building on an MoU signed in November. The deal, expected to be finalized this week, could boost Syria's gas output by 4-5 million cubic meters per day within a year, according to previous government estimates.
The move follows HKN Energy's entry into Syria's Rmeilan oil fields under a 25-year exploration and production contract, while Saudi Arabia's ADES Holding also signed a gas development agreement with SPC earlier this year. Syria currently requires around 18 million cubic meters of gas daily to support its power grid and remains reliant on imports from Azerbaijan and Qatar, despite recent improvements in electricity availability.
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