ConocoPhillips entered into a memorandum of understanding with the Syrian Petroleum Company and Novaterra to broaden cooperation in the natural‑gas sector. The agreement, announced on November 18 2025, is the first formal partnership between the U.S.‑based producer and a state‑owned Syrian entity.
The MoU sets out a joint plan to explore, develop, and commercialize gas resources in Syria, with the parties agreeing to share technical expertise, market access, and investment resources. Management estimates that the partnership could lift Syria’s domestic gas output by 4‑5 million cubic meters per day within a year, a significant increase for a country whose production has been severely curtailed by years of conflict.
Syria’s energy sector has been crippled by civil war, leaving the country with only a fraction of the electricity it needs. ConocoPhillips’ entry signals a willingness to operate in a complex geopolitical environment and aligns with its broader LNG strategy, which seeks to diversify supply sources and tap into high‑potential markets in the Middle East.
ConocoPhillips reported Q3 2025 adjusted earnings of $1.61 per share, beating consensus estimates of $1.41, and revenue of $15.03 billion, surpassing the $14.51 billion forecast. The company raised its ordinary dividend by 8 % to $0.84 per share and guided for higher production and lower operating‑cost guidance, citing improved cost discipline despite inflationary pressures at the Willow project.
The MoU positions ConocoPhillips to access untapped gas reserves and diversify its portfolio beyond U.S. and Canadian operations. Success will hinge on navigating sanctions, securing local infrastructure, and managing the political risks inherent in operating in Syria, but the partnership could provide a foothold in a region with substantial natural‑gas potential.
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