ConocoPhillips Signs Deal with Syrian Petroleum Company to Develop Gas Fields

The Syrian Petroleum Company signed an agreement last week with ConocoPhillips of the United States and Novaterra ConocoPhillips of Great Britain to develop new gas fields and expand output at existing sites. OilPrice.com reported the agreement on July 1, 2026. The deal covers new gas field development and higher production at current locations.

Syria produced around 400,000 barrels per day of crude oil before the civil war began in March 2011 from proved reserves of 2.5 billion barrels. Output had reached nearly 600,000 barrels per day prior to a decline in recovery rates. Europe imported about US$3 billion of Syrian oil annually at that time, with heavy sour Souedie crude and lighter Syrian Light grade shipped to Germany, Italy and France through the terminals at Banias, Tartus and Latakia.

Natural gas output stood at 21.9 to 30 million cubic metres per day before the war, supported by proven reserves of 8.5 trillion cubic feet. Current production is estimated at 7 to 7.6 million cubic metres per day against a national grid requirement of 18 million cubic metres per day. Syria imports gas from Qatar and Azerbaijan to cover the shortfall.

Stroytransgaz began work on the South-Central Gas Area in 2009. By 2011 the project had raised Syria’s natural gas production by around 40 percent.