19/06/2026 10:10 AST
Mohammad Nour Al-Ahdab, Director of Media Relations at the state-owned Syrian Petroleum Company (SPC), revealed on Thursday that under the contract signed with US companies ConocoPhillips and Novaterra Energy to develop and increase production from Syria's gas fields, the Syrian side will receive a 56 percent share under the agreement, while the two investing companies will hold the remaining 44 percent.
Al-Ahdab told Asharq Al-Awsat that the arrangement is "favorable for Syria, particularly since gas-development contracts are typically structured close to a 50-50 split because of the scale of investment, technical and operational risks, and the nature of rehabilitation and production activities."
He added: "What matters most to us is that the contract was designed to safeguard the national interest and deliver clear economic and technical returns through increased domestic production, stronger energy security, a gradual reduction in imports, and the transfer of expertise and technology to Syrian personnel."
In what represents the most significant strategic breakthrough in economic and political relations between Damascus and Washington since the fall of the regime of Bashar al-Assad in late 2024, SPC on Tuesday signed a major implementation agreement with ConocoPhillips and Novaterra Energy to develop gas fields and increase production.
The move marks the country's first major US energy deal in years and serves as a tangible indication of the beginning of a phase of "full-scale implementation," supported by US President Donald Trump's decision to lift sanctions in July 2025.
The contract follows earlier US initiatives launched at the beginning of 2026 through memoranda of understanding signed by other companies, including Chevron for offshore exploration and HKN Energy for the onshore Rmeilan fields.
However, the ConocoPhillips agreement stands out as the largest binding implementation contract aimed at developing the domestic gas sector, backed by Gulf and European partnerships and financing arrangements intended to help end the country's severe energy crisis.
Al-Ahdab described the agreement as an important milestone in the rehabilitation and development of Syria's gas sector because it moves cooperation with international partners beyond the memorandum-of-understanding stage and into formal contractual commitments and practical implementation.
"The importance of the agreement stems from several factors," he said. "First, it targets the development of a number of existing gas fields and an increase in their production, which will support the energy system, particularly gas supplies needed for the electricity sector and other vital industries. Second, it opens the door to the introduction of international expertise and technologies in assessment, rehabilitation, processing, and operational-efficiency enhancement."
According to Al-Ahdab, the agreement also reflects a clear commitment by SPC and the Ministry of Energy to building strategic partnerships capable of accelerating the recovery of the energy sector, gradually reducing reliance on imported gas, and preserving the role of Syrian professionals by empowering them through training and knowledge transfer.
"For us, this is not merely a production agreement," he added. "It is part of a broader vision to rebuild the energy sector on sustainable technical and economic foundations in a manner that serves the national economy and meets citizens' needs over the medium and long term."
Al-Ahdab said the contract includes implementation phases related to the development of existing fields, the rehabilitation of operational infrastructure, and the gradual increase of gas production.
"There are also subsequent phases linked to additional development and exploration activities, subject to technical and contractual approvals agreed upon by the parties," he said.
He added that the duration of the contract "is tied to the nature of the technical work and the various stages of implementation and production. Details that can be officially disclosed will be announced through the approved channels."
Asharq Al Awsat
Please wait...
