Chevron Inks Preliminary Offshore Energy Deal in Syria

U.S. energy giant Chevron has signed a memorandum of understanding (MoU) with the Syrian Petroleum Company and Qatar-based UCC Holding to assess opportunities for oil and gas exploration offshore Syria, a company spokesperson said.

The preliminary agreement comes as attention increasingly turns to the Eastern Mediterranean.

Chevron already operates the Leviathan gas field off the coast of Israel, the country’s largest energy asset, giving the company substantial technical experience in deepwater exploration in the region.

Syria’s offshore potential has remained largely unexplored. In 2013, Russia’s Soyuzneftegaz signed an agreement to explore offshore Syrian waters, but the project was cancelled two years later as the country’s civil war intensified.

The new MoU signals renewed interest in Syria’s maritime resources, despite ongoing political and economic challenges.

Currently, the bulk of Syria’s oil production comes from onshore fields in the northeast, most notably Al-Omar field, one of the country’s most important energy assets. Moving offshore reflects an effort to identify new resource potential that could reshape Syria’s longer-term energy outlook.

According to information published on its website, UCC Holding is a subsidiary of Power International Holding, a Doha-based conglomerate, adding a regional Gulf dimension to the trilateral cooperation.

The involvement of a Qatari company highlights growing regional interest in Eastern Mediterranean energy development and may help facilitate technical, financial, or diplomatic support for future projects.

While the agreement remains at an early, exploratory stage, analysts say the move underscores the strategic importance of the Eastern Mediterranean and Chevron’s continued expansion across emerging and frontier energy regions.