Syria signs gas deal with ConocoPhillips, Novaterra

In a significant step to revive its war-ravaged energy sector, Syria has signed a major contract with U.S. oil giant ConocoPhillips and the energy firm Novaterra Energy to develop domestic gas fields. The agreement, signed in Damascus on Tuesday, June 16, 2026, aims to boost production from existing sites and explore new ones, marking one of the most substantial foreign investments in the country in recent years.

The state-owned Syrian Petroleum Company (SPC) finalized the deal, which builds upon a memorandum of understanding signed last November. Officials said the project is expected to increase Syria's natural gas production by 4 to 5 million cubic meters per day within one year. This would represent a crucial increase for a nation whose gas output has plummeted by nearly two-thirds from pre-2011 levels, currently estimated at around 3 billion cubic meters annually.

Syrian Energy Minister Mohammad al-Bashir stated the agreement marks an important step in developing the country's energy sector and reflects renewed international confidence. He said it would help stabilize the electricity network and support broader economic recovery. The country's power grid requires...