U.S. oil and gas producer ConocoPhillips is set to sign a contract with Syria's new government to revive gas production, the Financial Times reported on Monday, citing two people familiar with the matter.
ConocoPhillips and Novaterra Energy will develop existing gas fields and explore for new reserves, under an agreement with state-owned Syrian Petroleum Company, the report added.
The potential deal, which builds on a November memorandum of understanding (MoU) signed, is expected to be signed this week, FT reported.
ConocoPhillips did not immediately respond to a Reuters request for comment.
French oil major TotalEnergies, QatarEnergy and ConocoPhillips signed a deal with Syrian Petroleum Company in May to launch a technical review of the offshore Block 3 area near Latakia.
The MoU established a framework for discussing commercial exploration. It is part of a broader government push to attract foreign investment into Syria's energy sector, battered by years of civil war and sanctions.
Interest among energy majors for new Syrian projects has grown since Bashar al-Assad's ouster in late 2024.
(Reuters - Reporting by Sumit Saha and Pritam Biswas in Bengaluru; Editing by Anil D'Silva and Joyjeet Das)
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