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StocksMedium•16 June 2026•

2 min read

ConocoPhillips Signs Landmark Deal to Revive Syria Gas Production

Key Facts

1ConocoPhillips and Novaterra signed a deal with the Syrian Petroleum Company to develop new gas fields and expand existing production.

2The deal was signed in Damascus on Tuesday, signaling a return of foreign investment to Syria's energy sector following the 2024 regime change.

In a move reflecting a radical shift in the Middle East's energy geopolitical landscape, ConocoPhillips and Novaterra have signed a strategic agreement with the Syrian Petroleum Company. The deal, signed in Damascus on Tuesday, aims to develop new gas fields and expand existing production. This milestone signals the return of foreign direct investment to Syria's energy sector following the 2024 regime change, unlocking potential for previously untapped gas reserves.

This return follows years of sanctions that forced Western firms to exit, with peers like Shell and TotalEnergies having previously suspended regional operations. Compared to international competitors, ConocoPhillips is seeking to bolster its global portfolio amid volatile global gas markets. Per market data, the company's expansion into post-conflict zones carries operational risks but offers opportunities for production growth at competitive costs compared to U.S. shale projects.

Investors should monitor the stability of the Syrian political environment as a critical factor for project success, with COP stock closing at $112.26 (close June 15, 2026). Looking at the economic calendar, the energy sector awaits the OPEC Monthly Report on June 11, which may provide further insights into global supply-demand balances. Technical support levels for the stock remain near its recent low of $110.73 according to available price data.