Fragile Foundations: US-Led Energy Ventures in Post-War Syria

The hopeful visions may lead to a rare divergence between Israeli and American strategic interests in post-Assad Syria.

Image: Newsweek

Jonathan Bass, CEO of Argent, who lobbied for the May meeting between US President Donald Trump and Syrian President Ahmed al-Sharaa, recently proposed a plan to revive Syria’s oil and gas sector through the establishment of SyriUS Energy, a US-Syrian joint venture. The five-point plan faces complications due to sanctions, which have not yet been fully lifted; more significantly, Bass’s recent visit to Damascus was overshadowed by Israel’s latest airstrikes on Syria, including a strike on the Defence Ministry. This escalation casts an ominous shadow over American gas exploration plans and helps explain the bipartisan calls for de-escalation and condemnation of Israel’s actions by US officials. These developments may highlight a rare divergence between Israeli and American strategic interests in a post-Assad Syria.

From Looting to Investment

Historically, US oil companies had a foothold in Syria’s energy sector before the 2011 conflict. Firms like ConocoPhillips and Marathon Oil held exploration and production-sharing contracts, notably in Deir ez-Zor. At the advent of the century, US sanctions targeting Syria’s state-owned oil company forced American firms to scale back. During the war, Trump claimed in 2019 and 2020 that US forces controlled eastern Syrian oilfields to “secure the oil” from ISIS, with American companies allegedly extracting oil under military protection in SDF-controlled areas. Washington officially denied commercial activity, but the claims are substantiated by reports of under-the-table extraction, facilitated through intermediaries or local partners.