Syrian Petroleum Company

What Syrian Petroleum Company does

Syrian Petroleum Company (SPC) is the state-owned national oil company of Syria, founded in 1974 and headquartered in Damascus, with more than 10,000 employees. SPC manages Syria's entire upstream hydrocarbon value chain, including crude oil extraction from onshore fields (notably Al-Omar, Syria's largest), natural gas production, offshore exploration in the Levantine Basin, and pipeline infrastructure for crude and gas transport to domestic refineries and power stations. The company's core technology stack comprises conventional extraction and production assets, supplemented by deepwater offshore exploration partnerships at water depths of 100-1,700 meters near Latakia.

SPC's business model is built on production-sharing agreements with international energy majors, where SPC retains a negotiated equity share of output (e.g., 32% in the HKN/Rmelan contract). The company generates revenue through (i) domestic oil and gas sales to state-owned refineries in Homs and Baniyas and to the Syrian electricity sector for power generation, and (ii) transit fees from Iraqi crude and naphtha exports routed through the Baniyas Mediterranean terminal via the rehabilitated Iraq-Syria pipeline (capacity 300,000 bpd). Pricing for state-supplied petroleum products is not publicly disclosed.

Following the December 2024 political transition, SPC has pursued an aggressive partnership-led revival strategy, signing agreements in 2026 with ConocoPhillips (gas field development), TotalEnergies/QatarEnergy/ConocoPhillips (offshore Block 3 exploration), Chevron/UCC Holding (first offshore development), HKN Energy (Rmelan, 25-year term), and a Baker Hughes/Hunt Energy/Argent LNG/TAQA consortium for northeastern Syria exploration. SPC's CEO Youssef Qablawi represents the company in international negotiations, including at the Global Energy Forum in Washington. The company is targeting a return to pre-civil-war production levels of approximately 1 million barrels of oil per day by 2030, against current output of 35,000-80,000 bpd.

Name

Syrian Petroleum Company

Legal name

Syrian Petroleum Company (SPC) - السورية للبترول

Website

https://spc.sy

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Syrian Petroleum Company is Syria's state-owned national oil company, managing upstream crude oil extraction, natural gas production, and offshore exploration. It supplies domestic refineries and power stations and is attracting international energy majors to revive post-conflict production capacity.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Crude Petroleum Extraction (21112), Crude Petroleum Extraction (211120), Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Crude Petroleum & Natural Gas (1311), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Offshore / Subsea Crude Oil Pipeline Transportation (TLAGAAAD)

Keywords

• Upstream oil and gas
• Crude oil production
• Natural gas extraction
• Offshore exploration blocks
• Pipeline infrastructure

Headquarters

HQ city

Damascus

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production: SPC generates revenue through production-sharing agreements with international energy companies. Syria's state-owned petroleum company receives a share of production output from developed fields, with crude oil exported through Mediterranean ports and natural gas supplied to domestic power stations.
2. Transit Fees: Syria earns transit fees from Iraq's crude oil and naphtha exports routed through Syrian territory and ports, particularly the Baniyas terminal on the Mediterranean. This positions Syria as a regional energy transit hub.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels1 record

Core offering

Syrian Petroleum Company is Syria's state-owned national oil company engaged in upstream hydrocarbon operations, including exploration, drilling, and production of crude oil and natural gas from onshore fields (notably Al-Omar) and offshore blocks (Levantine Basin Block 3). SPC manages pipeline infrastructure for crude oil transport and supplies natural gas to domestic power stations. Revenue is generated through production-sharing agreements with international energy companies (ConocoPhillips, TotalEnergies, QatarEnergy, Chevron), transit fees on Iraqi crude exports through the Baniyas Mediterranean terminal, and sales to domestic refineries and the electricity sector.

Product overview

Syrian Petroleum Company (SPC) operates as Syria's state-owned national oil company managing the country's upstream hydrocarbon sector. The company oversees crude oil extraction from fields including the Al-Omar oil field (Syria's largest), natural gas production from multiple gas fields, and offshore exploration in the Levantine Basin. SPC's portfolio consists of five main operational areas: onshore gas field development with ConocoPhillips and Novaterra targeting production increases of 4-5 million cubic meters per day; offshore Block 3 exploration in partnership with TotalEnergies, QatarEnergy, and ConocoPhillips covering 100-1,700 meter water depths near Latakia; Chevron-led offshore oil and gas development in Syrian territorial waters; Rmelan oil fields development in northeastern Syria with HKN Energy; and crude oil extraction from recently recaptured fields including Al-Omar and Conoco gas fields. The company manages pipeline infrastructure including the Iraq-Syria oil pipeline (capacity 300,000 bpd) and exports through Mediterranean ports including Baniyas.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Field Development Development of Syria's existing natural gas fields and exploration for new reserves, led in partnership with ConocoPhillips and Novaterra, to address the country's domestic gas shortfall (production has fallen from 8.7 bcm in 2011 to ~3 bcm in 2023) and supply the Syrian electricity sector.
• Offshore Block 3 Exploration Offshore oil and gas exploration of Block 3 in the Mediterranean Sea covering water depths of 100 to 1,700 meters near Latakia, conducted with TotalEnergies, QatarEnergy, and ConocoPhillips. Marked TotalEnergies' re-engagement with Syria after a 1988–2011 prior operating period.
• Syria's First Offshore Oil and Gas Development Project

Quantifiable outcome

• Expected 4-5 million cubic meters per day increase in gas output within one year
• +2 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered flagship, core, major and minor.

• ConocoPhillipsflagshipStrategic or Co-development Partner · 1 June 2026ConocoPhillips signed a contract with Syrian Petroleum Company to revive Syria's gas production, marking the first time an American energy major has signed a deal with Syria's new government. The partnership will develop existing gas fields and explore for new reserves, aiming to boost gas output by 4-5 million cubic metres per day within a year. ConocoPhillips is returning to Syria after approximately two decades.
• NovaterracoreTechnology or Integration · 1 June 2026Alongside ConocoPhillips, Novaterra will provide technical training, advanced software, and modern technologies to support gas field development operations in Syria, contributing to the country's energy sector recovery.
• HKN EnergymajorStrategic or Co-development Partner · 1 June 2026US company HKN signed a contract in early June to develop and invest in the Rmelan oil fields in northeastern Syria under a 25-year arrangement, with production shares allocated at 60% for HKN, 32% for Syrian Petroleum Company, and 8% for al-Jazeera Oil Services Company.
• TotalEnergiesflagshipStrategic or Co-development Partner · 12 May 2026TotalEnergies signed a memorandum of understanding with SPC to conduct technical review of offshore Block 3 in the Mediterranean Sea. This marks TotalEnergies' re-engagement with Syria after previously operating from 1988 to 2011. The partnership covers water depths of 100 to 1,700 meters near Latakia.
• QatarEnergyflagshipStrategic or Co-development Partner · 12 May 2026QatarEnergy joined the MoU with TotalEnergies and ConocoPhillips for offshore Block 3 exploration. Signing took place at QatarEnergy's headquarters in Doha. Qatar is also financing regional energy arrangements including gas supply to Syria through Jordan.
• ChevronflagshipStrategic or Co-development Partner · 1 February 2026Chevron signed a memorandum of understanding with SPC and Qatar's UCC Holding for Syria's first offshore oil and gas development project. Technical operations scheduled to launch in summer 2026. Chevron already operates Israel's Leviathan gas field and views this as strategic expansion in the eastern Mediterranean.
• Power International Holding (UCC Holding)coreStrategic or Co-development Partner · 1 February 2026Qatar-based Power International Holding partnered with Chevron and SPC for offshore exploration in Syrian territorial waters. Represents Qatar's investment in Syrian energy infrastructure alongside American energy expertise.
• Baker Hughes, Hunt Energy, Argent LNG, TAQA ConsortiummajorStrategic or Co-development Partner · 1 February 2026Saudi and US-based firms Baker Hughes, Hunt Energy, and Argent LNG are forming a consortium with TAQA to partner on oil and gas exploration in northeastern Syria, covering approximately four to five exploration blocks. Expected to be formalized through an MOU.
• Jordan's National Electric Power CompanycoreChannel Partner/ Reseller/ Distributor · 26 January 2026Syria's SPC signed an agreement with Jordan's National Electric Power Company to supply approximately 4 million cubic meters of natural gas daily to Syria through Jordanian territory. Deliveries began January 1, funded by Qatar, to address Syria's severe electricity shortages.
• Dana GasminorStrategic or Co-development Partner · 1 January 2026UAE-based Dana Gas has signed agreements to explore and develop oil and gas reserves in Syria as part of Syria's broader strategy to attract international energy investment.
• ADES HoldingminorStrategic or Co-development Partner · 1 January 2026Saudi Arabia's ADES Holding has signed agreements to explore and develop Syria's oil and gas sector as Damascus courts regional partners for energy reconstruction.
• EniminorStrategic or Co-development Partner · 1 January 2026Italian energy company Eni is engaged in discussions with SPC for exploration agreements for Syrian offshore and onshore blocks as part of Syria's efforts to attract multiple international energy companies.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Eni: Italian IOC actively exploring Syrian offshore blocks and a historic regional operator in the Eastern Mediterranean. Comparable as a foreign major partner to SPC pursuing Levantine Basin acreage, though Eni operates globally across upstream, midstream, and downstream.
• ConocoPhillips: US IOC and SPC's flagship American partner via the June 2026 gas development contract. Comparable as an IOC with upstream production focus and a track record of operating in frontier or recovering basins, though at vastly larger scale than SPC.
• Saudi Aramco: Saudi Arabia's state NOC and the global scale incumbent. Comparable in structure as a state-owned integrated oil company with PSAs and offshore exploration, but operates at a fundamentally different scale, cost position, and capital market access than SPC.
• Abu Dhabi National Oil Company (ADNOC): UAE's state NOC. Comparable as a Gulf state NOC pursuing international partnerships to develop oil and gas reserves, but operates at vastly larger scale and with fully integrated downstream and trading operations that SPC lacks.
• TotalEnergies: French IOC and existing SPC partner under the May 2026 Block 3 MoU. Previously operated in Syria from 1988-2011, making it a relevant re-entry comparable; broadly comparable as an IOC pursuing Eastern Mediterranean and MENA upstream opportunities.

Direct peers

• Iraq's State Organization for Marketing of Oil (SOMO): Iraqi state oil marketing organization. Directly comparable given the Iraq-Syria pipeline relationship and shared Baniyas port infrastructure; both manage state hydrocarbon exports through Syrian/Iraqi territory and pursue production recovery in a post-conflict context.
• Egyptian General Petroleum Corporation: Egypt's state-owned NOC. Comparable as a regional Eastern Mediterranean state oil company exploring offshore acreage, partnering with majors like ENI and BP, and managing crude/gas production for both domestic demand and export through Mediterranean terminals.
• Sonatrach: Algeria's state-owned national oil and gas company. Directly comparable to SPC as a North African/MENA state NOC managing upstream hydrocarbon resources, pipeline infrastructure, and partnerships with international majors to develop domestic production and export capacity.
• Libya National Oil Corporation: Libya's state NOC. Closely comparable as a North African/post-conflict state NOC with production capacity devastated by civil conflict, seeking to re-engage international majors and rebuild output while managing aging infrastructure.
• National Iranian Oil Company: Iran's state-owned NOC. Comparable as a sanctioned-affected MENA state NOC managing large oil and gas reserves, pipeline infrastructure, and partnerships with Asian/Russian majors under constrained access to Western capital and technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SPC_SYR
• Facebookfacebook.com/SPC.SYR
• LinkedInlinkedin.com/company/spc-syr

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Syrian Petroleum Company