Chevron Eyes Offshore Exploration in Syria with New Agreement

Chevron has signed an initial agreement with the Syrian Petroleum Company and Qatari firm UCC Holding to explore offshore oil and gas opportunities in Syria. This collaboration seeks to enhance energy prospects in the region, amidst geopolitical challenges and previous unsuccessful attempts to exploit Syrian resources.

Chevron has entered into a preliminary agreement with the Syrian Petroleum Company and Qatari firm UCC Holding to assess oil and gas exploration possibilities off the coast of Syria, according to a spokesperson for the American energy giant on Wednesday.

Syria's eastern Mediterranean coastline is strategically located between significant gas findings in Israel and Egypt, making it a potentially valuable energy frontier. Chevron, which already controls the vast Leviathan gas field off Israel, sees potential in expanding its operations in the region.

In 2013, Russian company Soyuzneftegaz attempted similar explorations but pulled out two years later as Syria's ongoing civil conflict intensified. Currently, most of Syria's oil is produced from onshore fields in the northeast, notably the Al-Omar field. UCC Holding is part of the Qatari-based Power International Holding.