US oil major Chevron has signed a memorandum of understanding (MoU) with the Syrian Petroleum Company and Qatar’s UCC Holding to explore oil and gas opportunities off the Syrian coast. The agreement marks a significant shift in the region’s energy landscape and represents the first major Western entry into the Syrian offshore sector in over a decade, Reuters reported.

The partnership aims to identify and develop untapped offshore reserves, diversifying a sector that has historically been concentrated inland. Currently, the vast majority of Syria’s crude production is tied to onshore fields in the northeast, led by the Al-Omar field. This offshore move follows a previous attempt by the Russian firm Soyuzneftegaz in 2013, which was ultimately abandoned in 2015 due to the escalating civil war.

During the signing ceremony, Youssef Qablawi, CEO of the Syrian Petroleum Company, stated that the primary objective of the agreement is to bolster the national economy. To maintain momentum, a specialized technical team has been established to transition the initial MoU into a legally binding operational contract.

The deal also carries significant geopolitical weight. US Special Envoy Tom Barrack credited the current leadership of President Ahmad al-Sharaa for stabilizing the nation’s “social fabric” and creating a secure environment for foreign investment. Barrack noted that Chevron’s involvement—which typically aligns with US foreign policy—serves as a transformative step in reshaping Syria’s global reputation and reintegrating it into the international energy market.