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Update: ConocoPhillips Confirms Syria Gas Development Deal

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(Updates to incorporate confirmation from ConocoPhillips.)

ConocoPhillips (COP) confirmed Tuesday that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so.

In an emailed response to, the company said "ConocoPhillips has signed an agreement with Syrian Petroleum Company and Novaterra Energy to support an onshore gas development opportunity in Syria."

The FT earlier reported, citing people familiar with the matter, that the deal would involve ConocoPhillips and Novaterra partnering with the state-owned Syrian Petroleum Company to develop existing gas fields and explore for new reserves.

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