40 trillion cubic feet of gas beneath Syria's waters await extraction.
June 1, 202574 ViewsRead Time: 2 minutes
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Recent estimates from a specialized energy platform in Washington have revealed the possibility of a massive discovery of around 40 trillion cubic feet of natural gas in the Syrian offshore waters, a development that could potentially change the dynamics in the region.
This discovery marks a significant step in repositioning Syria on the global energy map, especially amidst Middle Eastern countries striving to enhance their energy security and reduce dependence on imports.
According to reports from the platform, the Levant Basin off the Syrian coast holds vast unexplored potential, with initial estimates indicating onshore proven reserves of up to 430 billion cubic meters (equivalent to 15 trillion cubic feet), while offshore reserves could reach 40 trillion cubic feet.
Wael Hamed Abdel Motei, a gas and hydrogen expert at OAPEC, confirms that Syria has not yet begun offshore exploration in its exclusive economic zone spanning over 10,000 square kilometers, highlighting that creating the appropriate investment environment and lifting sanctions are key to opening the door for major global companies like Chevron, ExxonMobil, and ConocoPhillips to engage in promising explorations.
Furthermore, the Syrian government is working on a comprehensive plan to restructure the energy sector to secure fuel and electricity at fair prices for citizens, generate revenues to support reconstruction efforts, create job opportunities, and enhance Syria's sovereignty over its resources.
The plan includes upgrading the Homs and Baniyas refineries, developing local gas pipelines, launching a sovereign energy fund owning a 30% stake in a publicly listed joint company in the US stock exchange, with a focus on digitization and financial transparency.
The final phase of the plan involves exporting gas and oil through Iraq and Syrian ports, as well as Syria's participation in cross-border energy projects, strengthening its role in regional and global markets.
Amidst rapid regional and international transformations, Syria may find itself facing a historic opportunity to invest in its natural resources, enhance its energy security and national economy, qualifying to return as a major player in the energy sector.
