With the completion of significant offshore oil and gas deals with Qatar’s Power International Holding and the United States’ Chevron, Syria has reached a significant new chapter in its energy restoration strategy.
The agreements, which were formally signed in Damascus in early February 2026, highlight a rising regional and global commitment to re-engaging with Syria as President Ahmad al-Sharaa works to turn the country’s recent political stability into sustained economic growth.
A Historic Step in Offshore Exploration
On February 4, the Syrian Petroleum Company (SPC), Chevron, and Qatar’s UCC Holding signed a preliminary memorandum of agreement to begin Syria’s first integrated offshore exploration project along the Mediterranean coast.
Tom Barrack, the U.S. Special Envoy to Syria, was present at the ceremony, demonstrating Washington’s renewed willingness to engage in commercial relations with Damascus.
According to SPC Director General Bassam Qablawi, the deal is the biggest step forward in Syria’s energy industry to date. A dedicated technical team has already been established to develop domestic offshore engineering competence and turn the Memorandum of Understanding into a comprehensive executive contract.
Officials underline that Syria intends to develop a natural gas surplus in the coming years, establishing itself as a prospective exporter in the Eastern Mediterranean.
The Poseidon Block: Central to Syria’s Offshore Strategy
The Poseidon block, a 2,200-square-kilometre offshore zone northwest of Tartus, serves as the focal point of the new accords. Chevron will have a 50% operational stake, Power International 30%, and SPC 20%.
The 25-year contract includes a five-year exploration phase worth at least $250 million in seismic surveys and drilling, with two appraisal wells scheduled for 2027. Early estimations indicate that there could be up to 2.5 trillion cubic feet of recoverable gas.
In line with the 2026–2030 National Energy Plan, which gives natural gas production top priority to lessen dependency on imported fuel oil, Syrian Oil Minister Jamal Abdul Karim praised the deal as a ‘historic milestone.’
According to geological investigations, Poseidon is similar to significant regional discoveries, such as the Zohr field in Egypt.
Chevron & Qatar Expand Regional Footprints
The participation of Chevron has strategic and symbolic significance. The company’s investments in Cyprus’s Aphrodite project and Israel’s Tamar field have increased its footprint in the Eastern Mediterranean.
According to analysts, additional Western companies may be prompted by Chevron’s foray into Syria to re-evaluate political risk and contemplate re-engagement once the situation stabilises.
Power International has a wealth of regional engineering knowledge, having worked on the Rosetta field in Egypt and the Barzan pipeline in Qatar. Its involvement supports larger Qatari investments in Syria’s energy recovery, such as a $7 billion programme to restore infrastructure that began in 2025.
Regional Economic Recalibrating & Future Outlooks
Other regional players are increasing their economic involvement in Syria in addition to the US and Qatar. Saudi Arabia has signalled a larger regional realignment toward Damascus by announcing plans to invest in infrastructure projects and a new private Syrian airline.
Since significant finds in Egypt, Israel, and Cyprus have changed the regional energy landscape, the eastern Mediterranean has emerged as a competitive centre for offshore gas production.
Syria’s relative security after 2023 has allowed it to step up exploration, but there are still obstacles to overcome, such as the requirement for sophisticated offshore infrastructure and unsettled maritime boundaries.
Read more: Chevron Launches Syrian Petroleum’s Initial Deep-Sea Exploration
A Basis for Syria’s Economic Recovery
The Chevron–Power International agreements, according to President Ahmad al-Sharaa, are essential to Syria’s economic recovery plan and its objective of regaining its position as an energy producer.
Although commercial production might not begin for several years, the agreements mark Syria’s largest foreign investment since the start of the conflict and set the stage for upcoming offshore licensing rounds that will take place in late 2026.