Turkey moves into Syria oil and gas sector with exploration plans

Turkey's state oil company and private firms will commence seismic surveys and exploration in Syria, announced Turkish Energy Minister Alparslan Bayraktar during a press conference in Damascus. The Turkish Energy Ministry, through Sana news agency, reported that crude production in Syria has plummeted by approximately 80% since pre-war levels, with current output at about 82,000 barrels per day.

To rehabilitate the energy sector, Syria requires over $30 billion, presenting a significant opportunity for foreign energy companies, including Gulf entities. In a bid to attract investment, Turkey and Syria have signed multiple agreements, including seismic surveys and exploration rights, demonstrating Ankara's commitment to Syria's reconstruction.

The announcement positions Turkey as a leading partner in Syria's energy transition, following close diplomatic ties since the ouster of President Bashar Al Assad in December 2024. Additionally, Turkey's state mining company and Syria's general directorate of mineral resources have signed a non-binding agreement regarding phosphate resources, potentially leading to a joint venture.

This push for foreign investment comes as Syria's domestic energy sector begins to show signs of recovery, with renewed production in various sectors and the resumption of operations at several key facilities.