Crescent Petroleum, a United Arab Emirates-based oil and gas company, has signed three 20-year agreements with Iraq’s Ministry of Oil to appraise, develop, and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate.
Abdulla Al Qadi, executive director of exploration and production at Crescent Petroleum said, “We are pleased to commence this long-term partnership with the Government of Iraq. Our new planned investments and operations will create thousands of new jobs and support the local and national economy.”
According to a company statement, the agreement will deliver much needed natural gas to fuel nearby power plants and improve government services – thus, creating new jobs in Diyala and Basra.
Crescent Petroleum will develop the Gilabat-Qumar and Khashim Ahmer-Injana fields in Diyala Province, initially producing 250 million standard cubic feet of natural gas per day. The Khider Al-Mai block in Basra province, will be A third exploration block, exploring and developing additional supplies of oil and gas.
Iraqi Prime Minister Mohammed Shia Al-Sudani noted that it is not possible to continue burning gas that wastes wealth and affects the environment. According to Iraqi News, Al-Sudani clarified, “We spend 10 trillion dinars (nearly 6.85 billion USD) annually on gas imports. Iraq imports even oil derivatives, although it is an oil producer and exporter.”
This agreement will provide the Iraqi economy with much-needed investment and job opportunities and boost the country’s energy production.
For Crescent Petroleum, the agreements represent a major expansion of its operations in Iraq and a significant step towards achieving its goal of becoming a major player in the global energy market.
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