US oil and gas company Chevron recently discussed offshore energy with Syria’s state-run oil exploration and production company.
The meeting was held in the country’s capital city, Damascus, and centred on the Arab nation’s aim to enhance its energy supply via cooperating with foreign states.
The talks between representatives of the Syrian Petroleum Company (SPC) and Chevron were overseen by Syrian President, Ahmad al-Sharaa. Also in attendance were Thomas Barrack, the United States Special Envoy to Syria, Asaad al-Shaibani, the Syrian Foreign Minister and Youssef Qaballawi, Chief Executive Officer for SPC.
The Chevron delegation included Executive VP for Development, Rank Mount and Director of Regional Development, Joe Kosh. As one of the US’s largest integrated energy companies, Chevron also operates multiple brands like Caltex and Texaco, a lubricant line featuring grease, gas engine oil and other solutions.
The Syrian Arab News Agency reported that delegates discussed the exploration of opportunities for joint ventures in gas and oil exploration along Syria’s coast. In 2010, crude oil comprised 30 per cent of Syria’s gross domestic product (GDP), over half of state revenue and 50 per cent of its exports. This member of the Arab League was generating 390,000 barrels per day (bpd), but its output sharply dropped due to a Syrian civil war, falling to 40,000 bpd by 2023.
Syria’s government is now seeking to improve the nation’s energy supply through signing memoranda of understandings (MPUs) and agreements with foreign companies, and states it will raise the current standard of living and boost basic services.
