DAMASCUS/ISTANBUL

Syria’s President Ahmad al-Sharaa attended a meeting in the capital Damascus on Tuesday between representatives of the Syrian Petroleum Company and the US oil major Chevron.

Discussions focused on exploring opportunities for joint cooperation in oil and gas exploration along the Syrian coast, the state-run Syrian Arab News Agency (SANA) reported.

In attendance were US Special Envoy to Syria Thomas Barrack, Syrian Foreign Minister Asaad al-Shaibani, CEO of the Syrian Petroleum Company Youssef Qaballawi, and a delegation from Chevron that included Rank Mount, executive vice president for development, and Joe Kosh, regional development director.

In 2010, oil accounted for 20% of Syria’s GDP, half of its exports, and more than 50% of state revenue.

Syria was producing 390,000 barrels of oil per day, but output declined sharply due to the country’s civil war, with only 40,000 barrels per day in 2023.

The Syrian government has been seeking to improve the country’s energy supply by signing agreements and memoranda of understanding with foreign states and companies to bolster basic services and raise living standards.

Bashar al-Assad, Syria’s leader for nearly 25 years, fled to Russia in December 2024, ending the Baath Party regime, which had been in power since 1963. A new administration led by Sharaa was formed in January.