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3. Chevron Signs Agreement with Syria and Qatari Conglomerate for Syrian Energy Exploration

Chevron has signed a memorandum of understanding with the Syrian Petroleum Company and UCC Holding, a Qatari conglomerate, on assessing offshore oil and gas exploration off Syria’s coast, according to a Reuters report on Wednesday. 

U.S. Syria envoy Tom Barrack also attended the signing of the agreement, signaling U.S. approval as the Syrian government seeks to increase investment and partnerships with the U.S. and regional countries. 

While Syria’s neighbors have expanded their offshore exploration and production of energy resources in the 2010s from the Eastern Mediterranean basin, including Lebanon, Israel, Cyprus, and Egypt, Syria’s civil war has prevented the country from developing its offshore energy sector.

Chevron operates Israel’s Leviathan gas field, the country’s largest offshore source of gas production, demonstrating the corporation’s vested interest in offshore Mediterranean energy. Involvement in both Israel’s and Syria’s offshore resources could shape regional energy dynamics. 

Under the Bashar al-Assad regime, Russian companies signed deals with Syria for offshore gas exploration in 2013, but were halted by the middle of the decade. 

Currently, Syria’s primary operational oil fields are in its northeast, notably the Al-Omar field in the Deir Ezzor governorate. These resources recently came under the control of the Syrian government after January’s advances against the Syrian Democratic Forces as the Kurdish-led forces withdrew under agreement with Damascus. 

In May 2025, Syria reached an energy deal with companies from Qatar, Turkey, and the U.S. to invest in its damaged power sector, an agreement valued at $7 billion. This included the development of gas-powered electricity production plants in eastern and central Syria and a 1,000 megawatt solar farm in the south, according to AFP.

Prior to the Civil War, Syria produced over 380 thousand barrels of oil daily with over $3 billion in exports, which was significantly reduced with the onset of conflict.

Lebanon is also in pursuit of land and maritime border demarcation with Syria to address the porous nature of their frontier. At the same time, such a deal will allow Lebanon and Syria alike to expand their exploration of offshore resources. 

Following a maritime demarcation deal between Lebanon and Israel in 2022 which allocated the previously disputed offshore gas reserves and an increased push within Lebanon to reach a border agreement with Syria, precedent and momentum indicates that reaching a deal is possible and beneficial.