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ConocoPhillips Prepares to Revive Gas Production in Syria

Occurred 16 Jun 2026·Detected 19 Jun 2026·
🇸🇾 Damascus and Syrian gas field locations (undisclosed in source)3 reportsEnded 1 Jul 2026
Political RiskEnergy & InfrastructurePolitical Violence & WarEnergyTerrorism & Political ViolencePolitical RiskWar Risk

ConocoPhillips is preparing to sign a contract with the Syrian government to revive gas production, develop existing fields, and explore for new ones, described as the first major US energy company move into Damascus following sanctions easing. Al Jazeera Arabic cites Syrian Petroleum Company confirming a contract also involving a second US firm (rendered 'Novatek'), while Energy Intelligence reports an agreed onshore gas development framework; contract value, target fields, OFAC licensing, and execution timeline remain undisclosed.

AI-generated from linked source reports. See our correction policy.

Part of:Middle East Regional Conflict and Insurance Market Disruption (2026)(418 related events)

Impact verdict

Low impact. Prospective upstream energy re-entry by a named US major (ConocoPhillips) into Syria post-sanctions easing, corroborated by Syrian state oil company reporting and trade press. No insured loss estimate, asset damage, or specific field values are available; exposure is limited to political risk, energy, and sanctions underwriters monitoring Syria re-entry terms and OFAC authorisation status. Materiality remains constrained by the absence of confirmed contract terms, asset valuations, or licensing detail.

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Geographic Zone Matches

7 active matches

  • OFAC Sanctioned Countries
    Rule-basedConfidence 100%
  • TRIA Certified Areas
    Rule-basedConfidence 100%
  • JWC Listed Areas
    Rule-basedConfidence 100%
  • Syria (12nm coastal buffer)
    Rule-basedConfidence 100%
  • EU Sanctions List
    Rule-basedConfidence 100%
  • Pacific Ring of Fire
    Rule-basedConfidence 100%
  • Caribbean Hurricane Zone
    Rule-basedConfidence 100%

Geographic zone matches are RiskEvents spatial/analytical indicators, not coverage determinations or Lloyd's official classifications.

Affected countries

🇸🇾 Syria🇺🇸 United States

Lloyd's classifications

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