Syria signs landmark offshore oil field deal with Chevron and a Qatari investor
BNN Bloomberg
Syria’s state-owned petroleum company signed a memorandum of understanding with the U.S. and Qatar on Wednesday for the development of the country’s first offshore oil and gas field.
Syrian Petroleum Company's deal with U.S. energy giant Chevron and the Qatar-based Power International Holding was signed in Damascus in the presence of the U.S.'s special envoy to Syria, Tom Barrack.
Syria's state news agency, SANA, said that the agreement aims to strengthen strategic partnerships in the energy sector and will cover cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development.
The deal marks Syria’s first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners.
Youssef Kabalawi, the CEO the of Syrian Petroleum Company, described the deal as “the most important” offshore energy exploration deal in Syria's history.
“Before the summer, God willing, we will start mobilization and drilling," Kabalawi said. He said it is estimated that it could take up to four years to reach the gas reserves.
Defence Minister David McGuinty says the federal government is giving a big boost to the munitions industry to build up the domestic supply of heavy artillery shells.
The Bank of Canada today held its target for the overnight rate at 2.25 per cent, with the Bank Rate at 2.5 per cent and the deposit rate at 2.20 per cent.
Saskatchewan’s government is planning to table a deficit budget today in a move that Premier Scott Moe says protects public services.
Culture Minister Marc Miller says the government must have a serious conversation about AI systems’ use of news.
Delta Air said on Tuesday it expects first-quarter profit within its initial forecast range but raised its revenue expectations on strong demand, amid high jet fuel prices due to the conflict in the Middle East.
The United Arab Emirates briefly closed and then reopened its airspace Tuesday, temporarily halting flights in a crucial travel hub, as the country’s military said it was facing incoming attacks from Iran.
Prime Minister Mark Carney met with British Prime Minister Keir Starmer on Monday, and while both remarked the world has become a more challenging place since their first meeting a year ago, neither named a specific issue in their public remarks.
Japan plans to start releasing oil from its stockpiles on Monday to soften the shock from the U.S.-Israeli war on Iran, a stark reminder of the oil crisis half a century ago that prompted Tokyo to create reserves.
Warner Bros emerged as the biggest winner at the Academy Awards on Sunday, though the mood was clouded by its pending US$110 billion sale to Paramount Skydance, a deal reshaping Hollywood’s studio landscape.
Every day more than $4 billion worth of goods cross the United States’ borders with Canada and Mexico – U.S. auto parts headed for car factories in northern Mexico, cartons of Mexican avocados bound for California supermarkets, Canadian aluminum destined to become cans of Campbell Soup.
Prime Minister Mark Carney met Monday with Prime Minister Keir Starmer in London, and while both remarked the world has become a more challenging place since their first meeting a year ago, neither named a specific issue.
Conservative Leader Pierre Poilievre has unveiled a new auto plan that aims to secure tariff-free access to the U.S. market.
Prime Minister Mark Carney says that countries like Canada do not need to have oil reserves as a net exporter, after the energy minister announced Canada will contribute 23.6 million barrels to help stabilize international energy markets.