ConocoPhillips returns to Syria after 14 years

What happened

ConocoPhillips announced a deal to reenter Syria's oil and gas sector, expected to be formalized this week. The Syrian government said the deal could increase gas output by up to 5 million cubic meters per day within a year.

Why it matters

Syria's oil and gas industry collapsed during 14 years of civil war and has not operated at scale since the prewar output of 30 million cubic meters per day in 2011. A major international company's return signals the Assad regime has ended and foreign investors see enough stability to operate there again.

What to watch

The deal's success will depend on whether output targets are met and whether other international energy companies follow ConocoPhillips back into the Syrian market.