Syrian Petroleum Company and Chevron Discuss Converting Offshore Exploration MOU into Executive Contract

The Damascus Meeting

Syrian Petroleum Company (SPC) CEO Youssef Qiblawy met with a delegation from US energy major Chevron in Damascus on Tuesday, 23 June 2026, to discuss the practical steps required to convert the existing memorandum of understanding on offshore exploration in Block (1) into a binding executive contract, as part of broader efforts to develop the exploration sector and attract global investment and expertise.

The two sides also examined the possibility of Chevron participating as a strategic partner in the Iraq-Syria crude oil pipeline project (Kirkuk-Baniyas), a regional energy corridor that once transported Iraqi crude to the Mediterranean port of Baniyas before falling out of operation during the years of conflict.

Partnership Timeline

The SPC signed a memorandum of understanding with Chevron International and Qatari firm UCC Holding on 4 February 2026, in a ceremony held at the Presidential Palace in Damascus attended by the US Special Envoy to Syria. The agreement aimed to evaluate oil and gas exploration opportunities in Syrian territorial waters in the eastern Mediterranean, and Qiblawy described it at the time as the most significant offshore energy exploration agreement in Syria's history.

In April 2026, Qiblawy announced receipt of a formal confirmation from Chevron to proceed with offshore investment and exploration. He also confirmed that the three-party partnership had successfully identified the target offshore site within Block (1), paving the way to finalise contracts and commence technical operations during the summer of 2026.

Strategic Significance for Syria's Energy Sector

This development represents a structural shift in Syria's energy sector, which has historically relied on onshore fields concentrated in the northeast of the country. Analysts note that agreements with major international firms such as Chevron reflect a growing international interest in assessing Syria's hydrocarbon potential, particularly following the relative improvement in security conditions along the Syrian coast.

Energy experts caution, however, that moving from exploration to actual production will require advanced technical equipment, integrated maritime infrastructure, a stable legal and investment climate, and careful management of risks associated with ongoing international sanctions.

About Chevron

Chevron is one of the world's largest energy companies, with operations spanning more than 180 countries across exploration, production, refining, transportation, and marketing, as well as the manufacturing of fuels, petrochemicals, and lubricants. The company also operates the Leviathan gas field off the Israeli coast, one of the largest gas assets in the eastern Mediterranean.