In January, the Syrian government regained control of the country's northeastern oil and gas producing regions from Kurdish forces. This move is part of a pledge to kickstart the economy and stabilize power supply by ramping up production.

Openness for Investment and Industry Challenges

The Syrian Petroleum Company (SPC) has declared the country open for upstream investment, extending opportunities from upstream to downstream sectors. This initiative aims to rebuild the oil and gas industry following 14 years of civil war. However, the challenge is immense due to the widespread destruction of upstream infrastructure. Current domestic production is limited to approximately 100,000 barrels per day from onshore fields in the north and east, such as Al Omar. The SPC acknowledges the dire state of wells and fields and the limited availability of domestic technology.

Support for Investors and Existing Rights

To facilitate investment, Syria re-established a foreign investment agency last year. The SPC is prepared to offer logistical support and assist in mapping existing infrastructure. Several international companies, including ConocoPhillips, TotalEnergies, and Gulfsands, retain existing development rights in the country. According to the SPC, these companies are beginning to return but are currently keeping their future plans quiet. The mentioned companies have declined to comment on any potential return.

Initial Deals and Exploration

Despite the challenges, the first investment deals are already progressing. Chevron recently announced an agreement with the SPC to evaluate offshore exploration opportunities, a venture that will be conducted in partnership with Qatar-based UCC Holding.