The agreement, slated for signing as early as this week, involves a joint venture with Novaterra Energy. This partnership follows a preliminary accord reached last year with the Syrian government, which projected a daily production increase of 4 to 5 million cubic meters. While this would be a significant gain, it remains a fraction of the 30 million cubic meters produced daily before the 2011 civil war.

Former Trump administration advisor Andrew Tabler noted that energy firms are positioning themselves to capitalize on potential sanctions relief, viewing the move as a strategic entry into an underexplored market. Wood Mackenzie estimates Syria holds at least 1.3 billion barrels of oil equivalent in discovered resources, with the offshore sector remaining entirely untouched. Following the government's recovery of key fields in Deir ez-Zor and Al-Raqqah, the sector is expected to see a production rebound. Beyond ConocoPhillips, other global players including Chevron, TotalEnergies, Eni, and QatarEnergy have also inked recent agreements to develop these resources.