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ConocoPhillips, Novaterra Sign Gas Development Deal with Syria

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US energy firms ConocoPhillips (COP) and Novaterra Energy on Tuesday signed an agreement with the Syrian Petroleum Company to develop several gas fields and boost production from existing sites.

Syria's Ministry of Energy said the agreement aims to increase natural gas output from targeted fields, modernize infrastructure, and improve operational efficiency.

The country has been seeking to rehabilitate its energy infrastructure, much of which was damaged during more than a decade of war, while addressing chronic electricity shortages that have hampered economic recovery.

Natural gas is expected to play a key role in supplying power plants and supporting industrial activity as the government works to strengthen domestic energy production and reduce supply constraints.

The financial terms of the agreement were not disclosed.

Price: $111.17, Change: $-1.09, Percent Change: -0.97%

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