Syria has signed a landmark agreement to develop its first offshore oil and gas field, marking a major step toward reviving the country’s energy sector after years of conflict.

The state-owned Syrian Petroleum Company on Wednesday signed a memorandum of understanding with U.S. energy giant Chevron and Qatar-based Power International Holding. The deal was signed in Damascus in the presence of U.S. Special Envoy to Syria Tom Barrack.

According to Syria’s state news agency SANA, the agreement aims to strengthen strategic cooperation in the energy sector. It includes offshore exploration, development of oil and gas resources in Syria’s territorial waters, and broader efforts to attract investment and rebuild the energy industry.

This is Syria’s first formal move toward offshore energy exploration, as the country seeks to boost hydrocarbon production and bring in foreign partners.

Syrian Petroleum Company CEO Youssef Kabalawi described the agreement as the most important offshore energy deal in the country’s history.

“Before the summer, God willing, we will begin mobilization and drilling,” Kabalawi said, adding that it could take up to four years to reach gas reserves.

Syria’s oil and gas sector was badly damaged by nearly 15 years of conflict, which killed about half a million people and devastated the economy. Before the war began in 2011, oil was a key pillar of Syria’s economy, with production at around 380,000 barrels per day and exports earning more than $3 billion annually.

Last month, Syrian government forces regained control of large parts of oil-rich eastern and northeastern Syria, potentially opening the door to renewed exploration.

The country’s new authorities, who came to power after the removal of Bashar Assad in December 2024, are working to revive Syria’s economy and restore key industries.