TotalEnergies, QatarEnergy, ConocoPhillips Sign MoU for Syrian Offshore Block 3 Review

TotalEnergies, QatarEnergy, and ConocoPhillips signed a May 12 memorandum of understanding with Syria's Petroleum Company for a technical review and commercial framework on offshore Block 3 near Latakia. This early-stage deal follows Syria's May 11 selection of a deep-water block for its first project with Chevron and UCC Holding, building on Chevron's February preliminary agreement and May 5 announcement of study-based exploration south of Malta using existing data. Post-Assad ouster in late 2024, Syria aims to attract investment into its war-damaged energy sector despite sanctions; near-term oil market impact limited.