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Market Chatter: ConocoPhillips Expected to Secure Syrian Contract This Week

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ConocoPhillips (COP) is expected to secure a contract from the new Syrian government this week, the first by a US energy major, the Financial Times reported.

The Texas-based oil and gas exploration and production company is likely to sign a deal with state-owned Syrian Petroleum to develop existing gasfields and explore new ones, along with Novaterra Energy. The deal will expand on a memorandum of understanding signed in November, the report said.

Last month, ConocoPhillips had signed another MoU with Syrian Petroleum, along with QatarEnergy and TotalEnergies (TTE) to assess offshore exploration opportunities.

The Syrian government intends to revive the country's economy, which has been hard hit by war and economic sanctions.

According to projections by experts the country requires 18 million cubic metres of gas to support its power grid everyday.

It currently relies on imports from Azerbaijan and Qatar and electricity availability has improved recently to 13 hours from 2 hours, the report said.

has reached out to ConocoPhillips, Syrian Petroleum and Novaterra Energy separately for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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