A Saudi-US consortium led by Baker Hughes, Hunt Energy and Argent LNG will explore oil and gas in northeast Syria, marking a major post-sanctions investment.
RIYADH: Saudi Arabian and US-based firms are forming a consortium for oil and gas exploration and energy production in northeastern Syria.
According to two sources with direct knowledge, Baker Hughes, Hunt Energy and Argent LNG plan to partner with Saudi Arabia’s TAQA on the project.
The venture would cover approximately four to five exploration blocs in the northeastern region.
This project is among the largest business deals in Syria’s economy since former leader Bashar al-Assad was ousted a year ago.
It follows the lifting of the most stringent US sanctions in December.
After 14 years of war, Syria’s energy infrastructure is severely damaged and requires billions of dollars in foreign investment.
Argent LNG CEO Jonathan Bass confirmed the companies expect to sign a memorandum of understanding in the coming weeks.
“We’re very excited to be realising the visions of US President Donald Trump and Syrian President Ahmed al-Sharaa, bringing the country forward from darkness to light,” Bass said.
He added that the aim is to unite Syrians by justly sharing the country’s resources.
“This new development under one Syrian flag unites the east and west, weaving the country together through economic benefits,” he said.
The eastern Syrian region, traditionally a major oil producer, was recently held by the Kurdish-led Syrian Democratic Forces.
These forces have now agreed to integrate into the state after being pushed back by government forces last month.
Saudi Arabia, a key backer of Sharaa’s government, recently announced multibillion-dollar investments in Syrian transport, infrastructure and telecoms.
Last week, US energy giant Chevron also signed an initial Syrian offshore gas exploration agreement with Qatari firm UCC Holding.
A Reuters report earlier indicated Saudi’s ACWA would be part of the new consortium.
However, a person familiar with the matter said ACWA attended a project meeting but is not planning to join the venture itself.
The three US-based firms had previously signed an MOU with the Syrian state to develop a masterplan for the country’s energy sector in July.
SPC head Youssef Qeblawi did not respond to a request for comment.
A spokesperson for Hunt declined to comment, while Baker Hughes and TAQA did not respond to emailed requests.
