Chevron, Qatar’s UCC Partner With Syria To Exploit Offshore Oil Block – The Cradle

 Chevron, Qatar’s UCC Partner With Syria To Exploit Offshore Oil Block

Syria is open to foreign investment in the oil and gas sector following the rise of former Al-Qaeda chief Ahmad al-Sharaa to power in Damascus

Syria has identified an offshore site for its first deep-water oil and gas exploration project in partnership with US oil major Chevron ‌and Qatar’s UCC Holding, the Syrian Petroleum Company (SPC) announced on 11 May.

Identification of the offshore block will now pave the way for Chevron to finalize contracts with SPC and begin technical operations this summer.

Chevron signed a preliminary agreement in February with SPC ‌and ⁠UCC Holding to evaluate offshore oil and gas exploration in Syrian waters.

At the time, Youssef Kabalawi, the CEO of SPC, described the deal as “the most important” offshore energy exploration deal in Syria’s history.

“Before the summer, God willing, we will start mobilization and drilling,” Kabalawi stated, while cautioning it could take up to four years to reach the gas reserves.

🔗SOURCE ➡️ The Cradle

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