The Syrian Petroleum Company issued a statement denying reports that AXP Energy had entered Syria’s oil and gas sector or signed any agreement with it.

The company said on its Facebook page, Tuesday evening, June 16, that any agreements or partnerships related to the oil and gas sector are announced exclusively through its official channels and in accordance with the governing legal and institutional frameworks.

The company called on media outlets and news pages to rely on official sources for all matters related to its projects and agreements, and to communicate through the designated contact channels.

AXP Energy Confirms Contract

AXP Energy Limited said it had entered Syria’s oil and gas sector through a farm-in agreement that grants it a stake of up to 25% in a production sharing contract in onshore Block 9, located in the Palmyra Basin in central Syria.

In a statement published on its official website, the company said the move represents a strategic shift in its expansion into Middle Eastern markets, benefiting from what it described as “geopolitical changes” that allowed the door to reopen for investment in Syria’s energy sector.

Block 9 extends over an estimated area of 10,039 square kilometers and is located within one of Syria’s most important oil belts, where historical data indicates possible oil and gas reservoirs, according to the company.

According to data from before 2011, the area saw previous exploration work, including seismic surveys and well drilling, before activity stopped because of sanctions on Syria and the decline in investment activity in the oil and gas sector.

The company considered this background to give the project “a relatively low risk level” compared with undeveloped exploration areas.

Operational Partnership

The company linked its announcement of entry into Syria to a series of political and economic changes the country has witnessed over the past two years, which helped reopen the energy sector to foreign investment. It referred to legislative amendments approved in Syria in 2025, in reference to amendments to the new investment law, that allowed greater flexibility for foreign companies to own projects as part of the Syrian government’s policy to attract investment for rehabilitating economic infrastructure.

According to the company’s announcement, AXP Energy will cooperate in implementing the agreement with Simpora Latakia Limited, which is presented as an operational partner in Block 9 and has previous experience managing contracts in Syria’s energy sector.

Michael C. P. Rego, managing director of Septima Energy, the parent company of Simpora Latakia Limited, will join AXP’s board of directors as a non-executive director to lead the company’s activities in Syria, drawing on more than 40 years of experience in the oil and gas sector, according to the company.

The agreement with the Syrian government, according to the company, provides for a work program that includes reprocessing seismic data, with preliminary plans to drill two wells during the final quarter of 2027.

AXP quoted its chairman, Sam Jarvis, as saying that the company’s entry into Syria represents a turning point in its expansion strategy, adding that the Syrian market is positioned to attract a new wave of investment in the energy sector in the coming years.

Chief Executive Officer Dan Lanskey, for his part, said the company will continue developing its assets in the United States while gradually building a presence in the Middle East.

What Is AXP Energy Limited?

AXP Energy describes itself as a company specializing in oil and gas production and development, with operations in the US states of Colorado and Oklahoma.

Its current operations focus on developing concession contracts in Oklahoma. During the quarter ending in December 2025, the first well within areas wholly owned by the company was drilled and completed. AXP currently owns 18 operating oil and gas production wells in the Pathfinder field in Colorado. The company plans to drill additional wells in 2026.

As for AXP’s operational partner, Simpora Latakia Limited, a search for the company showed, according to publicly available Cypriot company records, that it is a private limited liability company registered in Cyprus under registration number HE 195471. It was established on March 28, 2007, and remains active.

Syrian Petroleum Signs Contract With Two US Companies

Earlier on Tuesday, the Syrian Petroleum Company signed a contract with US companies ConocoPhillips and Novaterra to develop a number of gas fields in Syria and increase production from existing fields, in a step aimed at supporting the energy system and strengthening gas supplies needed for the electricity sector and other vital sectors. The contract was signed at the ministry building in Damascus.

According to the Syrian Arab News Agency, SANA, the signing of the contract crowned a path of joint work that began with a memorandum of understanding between the relevant parties, followed by several technical, legal, and commercial meetings and discussions focused on preparing the necessary studies and drafting executive frameworks, leading to agreement on the contract’s terms and implementation mechanisms.

The contract aims to raise gas production from the targeted fields and develop their operational infrastructure according to the latest technical standards. It also seeks to support plans to develop the energy sector and attract international expertise and investment to help rehabilitate and develop the sector’s infrastructure.

Rmelan Fields Investment Contract

A source inside the Rmelan oil fields in Hasakah Governorate, northeastern Syria, previously revealed details to Enab Baladi about the agreement concluded with the US company HKN to develop and invest in the fields. The source said the contract was signed in early June, while actual management of the fields remains in the hands of the Syrian Democratic Forces, SDF, until now.

The source’s remarks came in response to a report published by Enab Baladi about HKN starting work in the Rmeilan fields under a 25-year investment contract that includes the distribution of production shares among the US company, the Syrian Petroleum Company, and al-Jazeera Oil Services Company.

The source told Enab Baladi that the contract with the US company was signed in early June, adding that the production distribution percentages circulated inside the field are correct and have been discussed among workers for about 15 days.

According to the information disclosed by the source, HKN is preparing to take over management of the field’s various operational divisions in the coming days, as part of arrangements to move into the stage of actual operation and implementation of the agreement’s terms.