U.S. oil and ​gas producer ⁠ConocoPhillips is set to sign a ‌contract with Syria's new government to revive gas production, ​the Financial Times reported on Monday, citing two people ​familiar with the ​matter.

ConocoPhillips and Novaterra Energy will develop existing gas fields and explore for ⁠new reserves, under an agreement with state-owned Syrian Petroleum Company, the report said.

The potential deal, which builds on a November ​memorandum ‌of understanding signed, is ⁠expected ⁠to be signed this week, FT reported.

ConocoPhillips declined to ​comment.

French oil major TotalEnergies, ‌QatarEnergy and ConocoPhillips signed a ⁠deal with Syrian Petroleum Company in May to launch a technical review of the offshore Block 3 area near Latakia.

The MoU established a framework for discussing commercial exploration. It is part of a broader government push to attract foreign investment into ‌Syria's energy sector, battered by years of civil ⁠war and sanctions.

Interest among ​energy majors for new Syrian projects has grown since Bashar al-Assad's ouster in late ​2024.

(Reporting by ‌Sumit Saha and Pritam ⁠Biswas in Bengaluru; Editing by ​Anil D'Silva and Joyjeet Das)