Saudi and US companies cooperate on energy project in northeastern Syria

Two Saudi companies and three US-based companies will form a coalition to explore and produce oil and gas in northeast Syria, two sources familiar with the matter said.

The sources said Baker Hughes, Hunt Energy and Argent LNG plan to build an energy project in cooperation with Saudi Arabia’s ACWA Power and TAQA.

The project will include four to five exploration sites in the north-eastern region, as the deal will be the latest in a series of major agreements involving various sectors of the Syrian economy since opposition forces ousted Bashar al Assad and seized power more than a year ago, and after the most influential US sanctions were lifted in December.

Syria’s energy infrastructure is suffering from severe damage after a 14-year civil war and needs billions of dollars in investments that the government is seeking to secure from abroad.

Jonathan Bass, CEO of Argent LNG, confirmed that the companies expect to sign a memorandum of understanding for the project in the coming weeks.

“We’re very excited to achieve the visions of US President Donald Trump and Syrian President Ahmed al Sharaa, and to move the country from darkness to light,” Bass said.

Jonathan Bass, is one of the first advocates for the US to lift sanctions on Syria, said the goal was to unite Syrians by sharing the country’s resources fairly.

“This new development under one Syrian flag unites East and West and connects parts of the country through economic benefits,” he said.

A spokesman for Hunt Energy declined to comment, as well as there was no comment from Baker Hughes, ACWA Power and TAQA.

The three US-based companies signed a memorandum of understanding with the Syrian state in July to develop a comprehensive plan for the country’s energy sector.

Until recently, Syria’s eastern region, which normally produced most of the country’s oil, was under the control of the Kurdish-led Syria Democratic Forces (SDF), which has now agreed to integrate into the country after government forces pushed it back last month.

Sources in Damascus said that representatives of most companies held meetings in Syria with the Syrian Petroleum Company earlier this month.

Earlier in the week, Saudi Arabia, a key backer of the Sharaa government, announced billions of dollars in investments in Syria’s transport, infrastructure and telecommunications sectors.

Last week, US energy giant Chevron signed a preliminary agreement to explore for gas in Syria’s offshore areas in partnership with Qatar’s UCC Holding.