The Syrian Petroleum Company, U.S.-based ConocoPhillips COP.N and Novaterra have signed a memorandum of understanding to expand cooperation in the natural gas sector, Syria's energy ministry said on Tuesday.
Due to the destruction of energy infrastructure during its 14-year civil war, Syria today produces just a fraction of the electricity it needs, though the supply of power has improved notably in recent months thanks to gas from Azerbaijan and Qatar.
The ministry said the MoU covered the development of existing gas fields and exploration of new ones using updated technical and technological standards, with the aim of increasing domestic output and strengthening energy security.
"Under the new MoU, the gas output is expected to rise by 4–5 million cubic metres per day within a year," said the CEO of the Syrian Petroleum Company Youssef Qabalawi.
The deal comes amid the Syrian government's pledge to ramp up power supply.
Syria's domestic natural gas production is estimated to have declined to 3 billion cubic metres in 2023 from 8.7 bcm in 2011 due to the war.
(Reuters - Reporting by Tala Ramadan. Additional reporting by Jaidaa Taha. Writing by Muhammad Al Gebaly. Editing by Joe Bavier and Mark Potter)
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