US independent ConocoPhillips and its partner Novaterra Energy finalized a binding contract on 16 June with the Syrian Petroleum Company (SPC) to develop onshore gas fields. This is SPC’s largest such contract to-date, and the partners hope to bring around 4-5mn m³/d (140-170mn cfd) of natural gas online within a year of implementation (MEES, 21 November 2025). The signing ceremony was attended by Conoco CEO Ryan Lance, SPC’s Youssef Qablawi and Novaterra’s Alex Macdonald. The CEOs and Novaterra’s founder and chairman, former Petrofac CEO Ayman Asfari, met President Ahmed al-Sharaa the same day.
The fields covered by the deal have yet to be announced, but a map on Novaterra’s website shows three development areas: Tabyyah near Deir Ezzor, Bilaas north of Palmyra, and the North Damascus block. Three of Novaterra’s board members are executives at the Qatari-Syrian private firm UCC Holding, which plans to build four gas-fired combined-cycle power plants in Syria. (CONTINUED - 158 WORDS)