LONDON: Syria’s battered energy sector faces a daunting challenge after nearly 14 years of war, sanctions and underinvestment that have left much of the country struggling with chronic electricity shortages.
As Damascus seeks to rebuild, international investment is increasingly viewed as essential to restoring oil and gas production, improving power generation and reviving wider economic activity.
One of the most closely watched tests of that effort is a major gas development project involving US energy giant ConocoPhillips and Novaterra Energy, which are working with the state-owned Syrian Petroleum Co. to develop new gas fields and increase output from existing assets. An implementation deal was reportedly signed on June 16.
Syrian officials hope the project will help stabilize the electricity network and support economic recovery, while analysts say its broader significance lies in whether it can deliver tangible improvements and encourage further foreign investment.
A gas development deal was signed with ConocoPhillips and Novaterra Energy on June 16. (AFP)
