Syria Picks Offshore Block for Chevron-Led First Deepwater Oil & Gas Project

• Chevron signed a preliminary agreement in February 2025 to explore offshore oil and gas in Syrian waters, marking the U.S. major's entry into Syria's eastern Mediterranean sector where it already operates Israel's giant Leviathan gas field
• The project represents Syria's new government strategy to revitalize the country's energy infrastructure damaged by years of civil war and international sanctions
• Multiple U.S. firms have expressed interest in Syrian energy projects since the ouster of former President Assad at the end of 2024 after a 14-year civil conflict

Summary

Key Development: Syria has selected an offshore block for its first deepwater oil and gas exploration project, partnering with U.S. major Chevron and Qatar's UCC Holding, as announced by state-owned Syrian Petroleum Company (SPC) on May 11.

Project Timeline: The consortium has completed identification of the offshore block, with contracts expected to be finalized and technical operations set to begin this summer. This follows a preliminary agreement signed in February between Chevron, SPC, and UCC Holding to evaluate offshore exploration opportunities in Syrian waters.

Strategic Context: The initiative represents Syria's new government's broader effort to attract foreign investment into its energy sector, which was severely damaged by years of civil war and international sanctions. Former President Bashar al-Assad was ousted in late 2024 after a 14-year civil conflict.

Regional Significance: Chevron's involvement marks the U.S. company's entry into Syria's eastern Mediterranean offshore sector. The company already operates the Leviathan gas field off Israel's coast, that country's largest energy asset, providing relevant regional operational experience.

Market Implications: Multiple U.S. firms have expressed interest in Syrian oil and gas projects since Assad's removal, signaling potential opening of a previously restricted market. The partnership with Qatar's UCC Holding suggests Gulf state involvement in Syria's energy reconstruction.

Investment Climate: The project indicates improving investment conditions in Syria post-conflict, though risks remain given the country's recent instability and uncertain sanctions environment. The involvement of a major international oil company like Chevron provides legitimacy to Syria's revitalization efforts.