Syria plans to double its oil production within a year — Bloomberg

Syria plans to double its oil production within a year and increase its refining capacity. The state-owned Syrian Petroleum Co. expects production volumes to rise as foreign operators return.

By the end of 2027, the company expects to increase production from approximately 110,000 to 250,000 barrels per day by investing in the revitalization of existing fields. This was stated by Youssef Kiblavi, CEO of Syrian Petroleum Co. By the end of the decade, production could rise even further if exploration efforts prove successful.

The implementation of these plans depends on Syria’s ability to secure the funds, equipment, and specialists needed to restore oil fields and oil infrastructure after more than a decade of war.

The country’s oil and gas sector, which suffered significant losses during the conflict, is gradually recovering. The government is now attracting an increasing number of international investors, including ConocoPhillips, Chevron, and TotalEnergies.

Syria has two oil refineries—in Baniyas and Homs. Both have been damaged by the war and prolonged underfunding.

A major overhaul is underway at the Baniyas refinery. Once it is completed in late October, the facility’s capacity will increase from 80,000 to 130,000 barrels per day, Kiblawi said.

Maintenance work at the Homs refinery is scheduled to begin in January or February. Its capacity is expected to increase from approximately 45,000 to 70,000 barrels per day.

The government also plans to build several more small refineries.

Currently, Syria meets its demand through imports.

Source: Bloomberg.

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