Story perspectives

Chevron Signs Historic Deal to Develop Syria's Offshore Oil Field

2/5/2026

Summary

Story summary

Chevron signed an initial agreement with the Syrian Petroleum Company to develop Syria’s first offshore field and revitalize the energy sector.
The deal was announced on February 4, 2026, after the government gained control of key onshore fields.
The memorandum of understanding was signed in Damascus with U.S. special envoy Thomas J. Barrack Jr. attending.
The Syrian Petroleum Company director called the agreement the most important in Syria’s energy sector.

History

Historical Context

The Syrian Civil War, which began in 2011, severely impacted the country's energy sector, with production plummeting over 90%. International sanctions, including U.S. and EU embargoes, aimed to pressure the Assad regime but disproportionately affected civilians. Chevron's recent agreement to develop offshore fields signals a potential recovery for Syria's energy industry, reshaping regional dynamics as the government regains control over resources.

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Story summary

Chevron signed an initial agreement with the Syrian Petroleum Company to develop Syria’s first offshore field and revitalize the energy sector.
The deal was announced on February 4, 2026, after the government gained control of key onshore fields.
The memorandum of understanding was signed in Damascus with U.S. special envoy Thomas J. Barrack Jr. attending.
The Syrian Petroleum Company director called the agreement the most important in Syria’s energy sector.

1 / 2