Damascus: The Syrian Petroleum Company (SPC) signed a memorandum of understanding (MoU) with US-based ConocoPhillips and Novaterra Energy to develop the gas sector, enhance production from existing fields, and explore new ones to bolster the nation's power infrastructure.

According to Qatar News Agency, the MoU aims to reinstate ConocoPhillips' operations in Syria. Under the new agreement, gas output is expected to increase by 4 to 5 million cubic meters per day within one year of resuming operations, as stated by Youssef Qabalawi, CEO of SPC, to the Syrian news agency.

Qabalawi further noted that this potential surge could transform Syria's energy landscape, emphasizing the memorandum's inclusion of plans to explore a new gas field, with development expected to take about three years. Reviving existing fields is anticipated to significantly enhance gas supplies for electricity generation and domestic use.

The Ministry of Energy has recently secured an agreement with UCC Holding to construct new power plants, which will demand a substantial increase in gas volumes. SPC is poised to meet these demands through the partnerships established, Qabalawi highlighted.

Michael Canavena, CEO of Novaterra Energy, expressed his satisfaction with the MoU, noting that both US firms bring credible expertise. He affirmed that all measures will be taken to boost gas production in Syria and support its energy sector development.

This strategic initiative by the Syrian government aims to rejuvenate local gas production, fuel national power projects, strengthen the national economy, and enhance services for citizens.