Syrian Petroleum signs contract with two US companies to develop and increase gas field production
The Syrian Petroleum Company (SPC) signed an official contract with the American companies "ConocoPhillips" and "Novaterra" to develop a number of gas fields in Syria and increase production from existing fields, which directly contributes to supporting the local energy system and enhancing the supply of vital gas needed for the electricity sector and other development sectors.
The signing of the contract comes as a culmination of an extended path of joint work, as it began with the signing of a memorandum of understanding between the concerned parties on November 18 in the presence of the Minister of Energy.
The signing of the contract was followed by a series of intensive technical, legal, and commercial meetings and discussions that focused on the preparation of the necessary studies and the formulation of executive frameworks, leading to the final agreement on the terms of the current contract and the mechanisms for its implementation on the ground.
Under the agreement, gas production from the targeted fields will be increased, its operational structure will be developed according to the latest technical standards, in addition to attracting international expertise and investments to rehabilitate the infrastructure of the Syrian energy sector.
International confidence in the Syrian investment environment regains
The Minister of Energy, Eng. Mohammed Al-Bashir, stressed that the signing of the contract represents an important milestone that reflects the return of international confidence in the investment environment in the Syrian energy sector, stressing the ability of national institutions to build effective strategic partnerships.
"Through this project, we look forward to increasing national gas production and enhancing its supply in a way that supports the stability of the energy system, raises the efficiency of infrastructure, and contributes to accelerating economic recovery efforts and achieving sustainable development," said Al-Bashir.
The CEO of the Syrian Petroleum Company, Yousef Qiblawi, said that the step reflects the confidence of international partners in the investment opportunities available in the country.
He pointed out that this cooperation will work to increase production, improve operational efficiency and support the energy system, which will reflect positively on the national economy and meet the needs of citizens.
The US side: Dedicating global technologies to accelerate onshore production
ConocoPhillips Chairman and CEO Ryan Lance explained that his company has officially signed the contract with the Syrian Petroleum Company and Novatera Energy to support the development of Syria's onshore gas sector, creating an integrated framework for the restoration and development of production levels.
Novatera Energy CEO Alex McDonald expressed his aspiration to work together with partners and the Government of the Syrian Arab Republic to make this strategic project a success.
For his part, the CEO of Novatora Energy Syria, Eng. Jamil Aqili, confirmed that the company will dedicate its knowledge and operational expertise along with national expertise in the field of the oil industry to apply the latest technologies and the highest international standards to accelerate production.
Aqili added that the signing of the contract proves the commitment of the Syrian Petroleum Company to move forward in developing its national resources, and strengthening partnerships that support energy security and accelerate development and economic recovery.
Rehabilitation of five oil and gas wells in the Al-Bishri field
The Syrian Petroleum Company (SPC) announced the rehabilitation of five oil and gas wells in the Al-Bishri field in the central region within a project that includes seven wells, relying on its national expertise and its own technical capabilities, and in line with the development plans set to raise the efficiency of the oil fields.
The company said in a statement on Tuesday, June 16: "This work comes within the framework of the ongoing efforts to enhance the operational readiness of the fields and restore their production capacities, through the implementation of the necessary rehabilitation and technical equipment operations to return the wells to service in accordance with the approved technical standards."
She pointed out that the company continues to complete the requirements of the project and secure its technical and logistical needs, in a way that contributes to raising the pace of completion and improving the efficiency of operation in oil fields and facilities.
This progress reflects the ability of national cadres to carry out quality work that supports the development of the oil sector and enhances the sustainability of its production operations, under the general supervision of the Ministry of Energy.