Syria is seeking to reposition itself on the regional energy map by granting licenses to major energy companies for exploration of vast gas reserves, estimated at trillions of cubic meters.
Damascus is actively reasserting its position in the regional energy market following revelations from the Syrian oil company about plans to license major energy firms for exploration of significant gas reserves. The Financial Times reported that these reserves could amount to trillions of cubic meters, indicating a substantial, albeit underexplored, area of potential gas resources in Syria. The CEO of the Syrian oil company, Youssef Qablaoui, disclosed that less than one-third of the territory has been explored for gas, suggesting a wealth of untapped resources available for future exploitation.
In a recent development, Chevron has signed an agreement with Qatar's Power International Holding to explore a maritime block in Syria, with operations expected to commence within two months. Additionally, Qablaoui mentioned that another area is under consideration for exploration by QatarEnergy and TotalEnergies, and the possibility exists for ConocoPhillips to also participate in these ventures. Furthermore, discussions are ongoing with the Italian firm Eni for a third block, pointing towards a strategic influx of international investment in Syria's energy sector.
The implications of these developments are significant, as Syria aims to attract investments from energy giants amidst its ongoing economic challenges and geopolitical complexities. The successful exploration and potential extraction of these gas reserves could provide a much-needed boost to Syria's economy and help stabilize its energy infrastructure. However, the international community's response and the geopolitical dynamics in the region will play a critical role in determining the viability of these initiatives and the involvement of foreign companies in Syria's energy landscape.
