Syria Signs Contract with Saudi "Addis" to Increase Gas Production

SadaNews - The "Syrian Petroleum Company" announced that it has signed a contract with the Saudi "Addis" company to increase and develop gas fields in Syria.

The company stated in a statement published by the "SANA" news agency that the contract includes maintenance and development work on existing wells and drilling new exploratory wells, expecting to achieve a gas production increase of up to 25% after the first six months, rising to 50% by the end of the first year. The company did not disclose the value of the contract.

The contract comes at a time when the country is attempting to revive the oil and gas sector after the war that devastated the industry and basic infrastructure, leading to a sharp decline in production.

The country relies on reserves to attract global companies. Syrian Energy Minister Mohammad Al-Bashir stated last November that the ministry is in the process of exploring gas in the Mediterranean Sea, estimating the country's offshore gas reserves at about 1,200 billion cubic meters, with vast areas remaining unexplored.

In February, the "Financial Times" quoted the CEO of the Syrian Petroleum Company, Youssef Qablawi, as saying that less than a third of Syrian territory has been subject to exploration activities so far, with large areas where no exploratory wells have been drilled to date.

Agreements to Increase Oil and Gas Production

The new administration in Syria, since taking power after the fall of Bashar al-Assad's regime, has sought to attract foreign companies operating in various sectors, especially oil and gas.

In February, Syria signed an agreement with the American "Chevron" and the Qatari "Power International Holding" companies to explore for oil and gas in its territorial waters. Work is expected to begin within two months.

The country is also in talks with major international energy companies to grant them exploration licenses for oil and gas, amid estimates of undiscovered gas reserves reaching trillions of cubic meters.

The "Syrian Petroleum Company" signed a memorandum of understanding at the end of last year with the American companies "ConocoPhillips" and "Novaterra", aiming to develop the gas sector and increase production from existing fields, in addition to a similar memorandum with the UAE-based "Dana Gas" for the redevelopment and expansion of several strategic fields.

The company is also in talks with "Eni", alongside anticipated discussions with "BP" in London, while Damascus has expressed its readiness to open the door for Russian and Chinese companies to invest in the sector, according to Qablawi.