QatarEnergy, TotalEnergies, ConocoPhillips Join Forces For Oil Exploration Offshore Syria

QatarEnergy has signed a memorandum of understanding (MoU) with French multinational oil and gas company TotalEnergies, ConocoPhillips, and the Syrian Petroleum Company to cooperate in oil and gas exploration offshore the Syrian Arab Republic.

The agreement covers a technical review by the partners to evaluate the potential of Block 3, offshore Syria, and sets the framework for further technical and commercial discussions, the company said in a statement on Tuesday, May 12, 2016.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, was present during the signing at QatarEnergy’s headquarters. The event was attended by senior executives from QatarEnergy, TotalEnergies, ConocoPhillips, and the Syrian Petroleum Company.

Commenting on the signing, H.E. Minister Al-Kaabi said:”This agreement reflects QatarEnergy’s continued international growth strategy and its efforts to explore upstream oil and gas business development opportunities in the region and globally.”

He added:
“We are pleased to partner with the Syrian Petroleum Company to explore potential opportunities that can support growth and prosperity for the people of the Syrian Arab Republic. We look forward to working closely with our international partners, TotalEnergies and ConocoPhillips, as well as other relevant stakeholders, to assess this opportunity.”

Block 3 lies in the Levantine Basin in the eastern Mediterranean, offshore the Syrian city of Latakia, with water depths ranging from 100 to 1,700 meters.