Syria Gas Deal: ConocoPhillips and Al Asfari Company to Develop Gasfields - News and Statistics

Jun 16, 2026

On Tuesday, state media reported that Syria has granted a contract to U.S. energy firm ConocoPhillips and a business tied to Syrian-British billionaire Ayman Al Asfari for the development of gasfields within the country. The state news agency Sana indicated that the arrangement between these two entities and the Syrian Petroleum Company is intended to develop multiple gasfields and boost output from current locations, though it offered no specifics. The goal is to enhance gas production from designated fields, update operational infrastructure, and boost efficiency according to contemporary industry norms, the agency added.

According to Reuters, Mr. Al Asfari is noted as a director of Novaterra. He was involved in Syria’s oil and gas industry under the prior government but subsequently backed members of the Syrian opposition. ConocoPhillips had operations in Syria prior to the civil war as well.

The deal supports Syria’s push to draw in global know-how and capital, reflecting rising confidence in the nation, the report stated, citing Syrian Petroleum Company CEO Youssef Qablawi. He voiced optimism about raising production levels. ConocoPhillips noted that the agreement centers on onshore gas development and creating a structure to develop and investigate a collection of gas assets.

The lifting of U.S. sanctions on Syria at the close of last year has sparked international attention in the nation’s energy sector, which before the 2011 civil war served as the main source of foreign currency for the former regime. That regime was overthrown in December 2024 by Islamist factions headed by current leader Ahmad Al Shara, who soon adopted a stance favorable to Washington.

Syria is now at a point requiring comprehensive rebuilding and reorganization, generating prospects for investors across various fields. Gulf nations and other regional states are rapidly moving to invest in Syria’s future, offering diplomatic, financial, and infrastructure backing. Damascus aims to rejuvenate its energy industry with Gulf support. Prior to the civil war, Syria generated 380,000 barrels of oil per day and 900 million cubic feet of gas daily, establishing it as the Mediterranean’s sole notable crude producer. Output dropped by roughly 80 percent during the conflict.

The Ministry of Energy is requesting over $30 billion to restore the oil, gas, electricity, and water sectors. Last year, Syria obtained $28 billion in Gulf investment across all industries after revising its foreign investment law to allow complete foreign ownership of ventures.

Tuesday’s agreement marks the second gas-sector deal announced by the new administration. In November, UAE-based Dana Gas, which also runs gas blocks in Iraq’s Kurdistan area, inked a preliminary accord with Syrian Petroleum Company to examine redevelopment and expansion of gasfields in central Syria.

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