ConocoPhillips Nears Historic Deal to Revive Syria Gas Production

Key Facts

In a move reflecting a radical shift in the Middle East's geopolitical and economic landscape, ConocoPhillips is set to sign a contract with Syria's new government to revive gas production. This agreement marks the first of its kind by a major US energy firm with Damascus since the years of civil war. According to Financial Times reports, the move aims to rebuild Syria's energy activity and infrastructure following a prolonged conflict that halted most production operations.

This development comes as energy majors seek to bolster natural gas reserves amid global market volatility. In comparison to peers, companies like ExxonMobil and Chevron have pursued expansions in diverse geographies to ensure supply security, while ConocoPhillips' entry into the Syrian market represents a bet on the stability of the new administration. Per market data, the success of such projects requires significant capital expenditure to rehabilitate damaged fields that saw sharp production declines over the past decade.

Investors are monitoring COP stock, which stood at $116.98 (close June 12, 2026), with the price trading between levels of $113.80 and $118.51. Looking at the economic calendar, upcoming API Crude Oil Stock Change data may influence broader energy sector sentiment. Focus will remain on the operational details of the deal and the timeline for when gas will actually begin flowing into the Syrian grid.