This handout photograph released by the Syrian Arab News Agency (SANA) on June 16, 2026, shows the CEO of the Syrian Petroleum Company, Youssef Qablawi (C), alongside the Chairman and CEO of ConocoPhillips, Ryan Lance, and the CEO of Novaterra Energy, Alex MacDonald, during the signing of a contract between the official Syrian Petroleum Company and the American giants ConocoPhillips and Novaterra to develop the gas sector, according to official media, as part of Damascus' efforts to attract international investment with the aim of developing the energy sector and improving production.
Syria on June 16 signed a contract involving U.S. oil giant ConocoPhillips to develop the country’s gas sector, state media reported, as Damascus seeks to attract international energy investment.
Damascus previously signed memoranda of understanding on energy with international companies including Chevron as well as HKN Energy, which has begun managing and operating oil fields recently handed over to the government by Syrian Kurdish authorities.
State news agency SANA reported that the state-owned Syrian Petroleum Company signed “a contract with U.S. companies ConocoPhillips and Novaterra with the aim of developing a number of gas fields in Syria and increasing production from existing fields.”
The move seeks to “contribute to supporting the energy system and strengthening gas supplies required for the electricity sector and other vital sectors,” it said.
In Washington last week, Syrian Petroleum Company CEO Youssef Qablawi said it would be “the biggest contract” to be signed since the new authorities took power after the December 2024 ouster of longtime ruler Bashar al-Assad.
After years of civil war, Syria is seeking to modernize its energy infrastructure, attract investment and boost development as it pushes on a path of economic recovery, particularly after the lifting of Assad-era sanctions.
Last month, Syria signed a memorandum of understanding with ConocoPhillips, France’s TotalEnergies and Qatar’s QatarEnergy, on offshore oil and gas exploration.
In February, it also signed a preliminary deal with U.S. energy giant Chevron and Qatari firm Power International for offshore energy exploration.
