Syrian Petroleum signs MOU with Chevron for development offshore

Syrian Petroleum Co. signed a memorandum of understanding (MoU) with Chevron Corp. and UCC Holding—a unit of Qatari-based Power International Holding—for potential development of Syria's first offshore oil and gas field in the Mediterranean Sea, state-owned Syrian Arab News Agency said (SANA) in a Feb. 4 release.

The memorandum covers "cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development," SANA reported.

The Syrian government aims to expand hydrocarbon production and attract foreign partners, SANA continued.

Mobilization and drilling is expected to start before summer, and it could take up to 4 years to reach the gas reserves, SANA said.

Already in Meditteranean waters, Chevron produces from the Leviathan gas reservoir offshore Israel and recently took final investment decision to expand its development.