Syria explores offshore oil collaboration with Chevron

Syria explores offshore oil collaboration with Chevron
A Chevron employee looks at oil pipes aboard Chevron's Petronius oil platform, located 100 miles (161 km) off the coast of New Orleans, in the Gulf of Mexico June 3, 2008.
Reuters

Syrian President Ahmad al-Sharaa held talks in Damascus on Tuesday with representatives from U.S. oil company Chevron to discuss potential joint oil and gas exploration off Syria’s coast, according to the state-run Syrian Arab News Agency (SANA).

The meeting was attended by U.S. Special Envoy to Syria Thomas Barrack, Syrian Foreign Minister Asaad al-Shaibani, CEO of the Syrian Petroleum Company Youssef Qaballawi, and Chevron executives Rank Mount and Joe Kosh.

Oil played a major role in Syria’s economy in 2010, making up around 20% of GDP, half of exports, and over 50% of state revenue. Output reached 390,000 barrels per day before the civil war, but had dropped to just 40,000 barrels per day by 2023.

Since taking office in January, following the departure of Bashar al-Assad to Russia in December 2024, Sharaa’s administration has been pursuing agreements with foreign firms and states to secure energy supplies and improve basic services.

The discussions mark a significant step in Syria’s efforts to revive its energy sector and stabilise the economy after years of conflict and political upheaval.

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