Crescent pens oil, gas deals with Iraq
UAE-based Crescent Petroleum 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, the company said on February 21.
“The agreements will deliver much-needed natural gas to fuel nearby power plants and improve government services, creating thousands of new jobs in Diyala and Basra,” Crescent said.
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Crescent will develop the Gilabat-Qumar and Khashim Ahmer-Injana fields in Diyala province, to initially produce 250mn ft3/day of natural gas. A third exploration block, the Khider Al-Mai block in Basra province, will be explored and developed to add further supplies of oil and gas.
The first gas from the Diyala operations is expected within 18 months to supply nearby power plants. The company will build a processing plant on site as well as pipelines and infrastructure to supply gas.