# Syria Signs Offshore Energy Deal With Western and Gulf Majors *Tuesday, May 12, 2026 at 6:04 PM UTC — Hamer Intelligence Services Desk* **Published**: 2026-05-12T18:04:46.776Z (2h ago) **Category**: geopolitics | **Region**: Middle East **Importance**: 8/10 **Sources**: OSINT **Permalink**: https://hamerintel.com/data/articles/3668.md **Source**: https://hamerintel.com/summaries --- **Deck**: On 12 May, around 16:15–16:20 UTC, Syria’s state oil company signed a memorandum of understanding with ConocoPhillips, TotalEnergies, and QatarEnergy to explore for oil and gas in Syrian territorial waters. The agreement marks a major step toward reintegrating Syria into global energy markets. ## Key Takeaways - Syria’s Petroleum Company signed an offshore exploration memorandum with ConocoPhillips (US), TotalEnergies (France), and QatarEnergy on 12 May. - The deal covers oil and gas exploration in Syrian territorial waters and could unlock new hydrocarbon resources. - Participation by major Western and Gulf companies signals shifting international attitudes toward economic engagement with Damascus. - The agreement has implications for regional energy competition and Syria’s post-war reconstruction trajectory. On 12 May 2026, at approximately 16:16 UTC, the Syrian Petroleum Company (SPC), represented by its CEO Youssef Qablawi, concluded a memorandum of understanding with three major international energy firms—U.S.-based ConocoPhillips, France’s TotalEnergies, and QatarEnergy from the Gulf—to explore for oil and gas in Syrian offshore waters. The move, announced from Damascus and reiterated in subsequent communications, represents the most significant international energy engagement with Syria since the onset of its civil conflict more than a decade ago. The agreement is framed as an initial, non-binding framework for geological surveys, exploration drilling, and potential future production in designated offshore blocks. Syria’s offshore potential has long been suggested by regional analogs but remains largely underexplored due to conflict, sanctions, and security risks. By bringing in established players with advanced seismic, drilling, and project management capabilities, Damascus aims to tap into previously inaccessible resources that could bolster state revenues. Key actors include SPC as Syria’s state energy vehicle; ConocoPhillips, TotalEnergies, and QatarEnergy as the foreign investors and technical operators; and the Syrian government, which will ultimately negotiate fiscal terms, regulatory frameworks, and security guarantees. Internationally, the United States, European Union, and other sanctioning states will need to assess how this agreement intersects with existing sanctions regimes and licensing requirements. The significance of the deal is considerable. First, it suggests a gradual normalization of economic relations between Syria and parts of the Western and Gulf energy sectors, complementing political shifts such as the EU’s move to reactivate a trade agreement with Damascus and the re-opening of Arab embassies in Syria. Participation by a U.S. firm in particular represents a notable departure from previous patterns of blanket avoidance by Western companies. Second, potential offshore discoveries could materially affect Syria’s post-war reconstruction capacity. Even modest hydrocarbon finds would provide foreign exchange earnings, budget support, and fuel for domestic consumption, allowing the government to reduce acute shortages and support basic services. At the same time, resource governance and revenue distribution will be critical: absent reforms, new rents could entrench existing power structures and contribute little to broader societal recovery. Third, the agreement has regional implications. Eastern Mediterranean and Levantine offshore energy politics have been contentious, involving overlapping claims, pipeline diplomacy, and competition among regional producers. Syria’s entry into offshore development adds another player to this landscape, potentially reshaping discussions about export routes, regional energy hubs, and long-term gas supply to Europe and Asia. From a geopolitical standpoint, the involvement of QatarEnergy is notable given Qatar’s earlier support for Syrian opposition factions. Its participation may signal a pragmatic shift toward engagement with the current Syrian government, aligning with broader regional trends of re-establishing ties with Damascus. ## Outlook & Way Forward In the short to medium term, the agreement will proceed through technical and regulatory phases: seismic surveys, environmental impact assessments, and detailed contract negotiations. It will likely be several years before any commercial production occurs, assuming economically viable discoveries are made. During this period, companies will weigh geological prospects against political, security, and sanctions risks. Sanctions compliance and licensing will be a central issue. For ConocoPhillips and TotalEnergies, operating in Syria will require navigating U.S. and EU legal frameworks, including the possibility of specific waivers or clarifications. Any misstep could invite legal and reputational consequences, making corporate risk appetites and government signaling critical variables. Regionally, competitors such as Russia and Iran—both already active in Syrian energy sectors—may see the deal as a challenge to their influence. They could seek to reinforce their positions through new concessions, security arrangements, or political leverage. Observers should monitor subsequent energy agreements signed by Damascus, any shifts in security deployments near coastal areas, and the evolution of Syria’s broader economic diplomacy. If the project advances smoothly, it could mark a turning point toward Syria’s gradual reintegration into the global economy; if derailed by renewed conflict or sanctions enforcement, it will underscore the enduring constraints on post-war recovery.