The Syrian Petroleum Company (SPC) signed a major gas-development contract on Tuesday, June 16, 2026, with U.S. energy companies ConocoPhillips and Novaterra Energy, marking one of the most significant foreign investment agreements in Syria’s energy sector in more than a decade. The deal aims to develop several onshore gas fields, expand production capacity, and reinforce the national grid with additional supplies for the electricity sector and key industries.
The signing ceremony was held at the Ministry of Energy headquarters in Damascus. According to state news agency SANA, the agreement concludes months of technical, legal, and commercial negotiations that followed an initial Memorandum of Understanding (MoU). Officials said the contract establishes the operational frameworks and implementation mechanisms required to launch the project.
The Ministry of Energy described the agreement as a cornerstone of the government’s strategy to increase domestic gas output, modernize infrastructure, and attract international expertise and investment to rehabilitate critical energy facilities.
President Sharaa Receives Executives in Damascus
Following the ceremony, Syrian President Ahmed al-Sharaa received ConocoPhillips Chairman and CEO Ryan Lance, Novaterra Energy CEO Alex McDonald, and Syrian-British businessman Ayman Asfari at the People’s Palace. The meeting, attended by Foreign Minister Asaad Hassan Al-Shaibani, Energy Minister Mohammad Al-Bashir, and SPC CEO Youssef Qablawi, focused on long-term cooperation and the broader implications of the new partnership.
Energy Minister Mohammad Al-Bashir called the agreement a turning point for Syria’s energy landscape. “This contract reflects renewed international confidence in our investment environment and demonstrates the ability of our national institutions to build effective strategic partnerships,” he said, adding that the project will accelerate economic recovery by combining national capabilities with global technical expertise.
SPC CEO Youssef Qablawi said the partnership will significantly improve operational efficiency and strengthen the national economy’s ability to meet public energy needs.
ConocoPhillips CEO Ryan Lance affirmed that the contract provides a clear and durable framework for restoring and expanding onshore gas production in Syria. Novaterra Energy CEO Alex McDonald expressed confidence in the project’s long-term prospects and emphasized the company’s commitment to working closely with Syrian authorities and local partners.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
