Syria selects offshore site to begin first deepwater drilling project with Chevron
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May 11 (Reuters) - Syria has identified an offshore site for its first deepwater oil and gas exploration project in Syrian territorial waters, in cooperation with U.S. giant Chevron and Qatar's UCC Holding, the Syrian Petroleum Company said on Monday.
This project is part of a larger effort by the new Syrian government to attract foreign investment to the energy sector, which has been severely damaged after years of civil war and sanctions.
The state-owned Syrian Petroleum Company said that, in cooperation with Chevron and UCC Holdings, it has completed the work of defining the offshore area, paving the way for the completion of contract signings and the start of technical operations during the summer.
Chevron signed a preliminary agreement in February with the Syrian Petroleum Company and UCC Holdings to assess oil and gas exploration opportunities in Syrian waters, a move that represents the US company's first entry into the energy sector off the Syrian coast in the eastern Mediterranean.
Chevron already operates the giant Leviathan gas field off the coast of Israel, which is Israel’s largest energy asset.
Other American companies have also expressed interest in oil and gas projects in Syria since the overthrow of former President Bashar al-Assad at the end of 2014 after a 14-year civil war.
