In a news that might as well offer respite and hope, the Saudi Arabian and U.S.-based firms are most likely to form a consortium for oil and gas exploration along with energy production across northeastern Syria, say two people having a direct knowledge of the plan.
Baker Hughes, Hunt Energy and Argent LNG are looking forward to partnering with TAQA for the project, which may as well cover almost four to five exploration blocs located in the northeastern region, confirmed the sources.
Apparently, this project is indeed going to be the latest in a series of big business deals that span the economy of Syria since the time Bashar al-Assad, the former autocrat was ousted by the Islamist rebels-turned-rulers almost a year back, and post most stringent of the U.S. sanctions got lifted in December 2025.
After 14 years of war, the energy sector of Syria has been in a pretty bad shape and needs billions of dollars in terms of investment, which apparently, the government is looking to get from abroad.
Jonathan Bass, the Argent LNG CEO has confirmed that the companies are most likely to sign a memorandum of understanding – MoU for the project in the weeks to come.
According to Bass, “We’re very excited to be realising the visions of U.S. President Donald Trump and Syrian President Ahmed al-Sharaa, bringing the country forward from darkness to light.”
However, Youssef Qeblawi, the Syrian Petroleum Company head did not respond to a request for comment.
It is well to be noted that the three U.S.-based firms had signed an MOU so as to go ahead with a masterplan for the energy sector of Syria in July 2025.
Apparently, Reuters had in the past reported that Acwa from Saudi is going to be a part of the project.
Although the Acwa representative attended a meeting along with the representatives of other companies as well as the head of the Syrian Petroleum Company earlier in February 2026,wherein the project was discussed, they are at present not planning to be a part of the project itself, confirmed the person familiar with the matter.
Acwa in a statement said that “Our recently announced Joint Development Agreement in Syria relates exclusively to water desalination and water transmission studies and does not involve oil or gas exploration or production in any form.”
Sole Syrian Flag
Up until recently, the eastern Syrian region, where most of the oil of the country is traditionally produced, happened to be held by the Syrian Democratic Forces led by the Kurdish, who in a way have now gone ahead and agreed integrate into the state after being pushed back by the government forces in January 2026.
Bass, who is an early proponent of the U.S. lifting sanctions on Syria, opined that the objective was to bring Syrians together by justly through sharing the resources of the country.
Bass said that “This new development under one Syrian flag unites the east and west, weaving the country together through economic benefits.”
It is well to be noted that Saudi Arabia, which is a key backer of Sharaa’s government, had gone ahead and announced a multimillionaire dollar investment in Syrian transport, infrastructure as well as telecoms recently.
Also, Chevron, the U.S. energy giant, went ahead and inked an initial Syrian offshore gas exploration agreement, which partnered with the UCC Holding from Qatar, a firm which in a way also plans to produce almost 5,000 megawatts of power across the country.
