Market Chatter: TotalEnergies to Advance Syria Offshore Talks Amid Security Concerns

MT Newswires Live

Jul 07

TotalEnergies (TTE) will discuss moving toward an offshore exploration contract with Syria, but Chief Executive Patrick Pouyanne said ongoing security concerns prevent a return to onshore oil operations for now, Reuters reported Tuesday.

The company signed a memorandum of understanding in May with the Syrian Petroleum Company to explore an offshore block in the Mediterranean. TotalEnergies is now considering whether to convert that agreement into a formal contract, the report said.

Pouyanne said the company is prioritizing potential projects to rebuild oil transit routes between Iraq and Syria, including the Kirkuk-Baniyas pipeline, as an alternative supply route to the Strait of Hormuz, the report added.

TotalEnergies didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 77.28, Change: +0.97, Percent Change: +1.27

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