Iraq signs deals to develop six oil and gas fields
22 February 2023
Iraq has signed deals with Chinese and UAE-based companies to develop six oil and gas fields as it seeks to boost natural gas production.
UAE-based Crescent Petroleum has signed three 20-year agreements with Iraq’s Oil Ministry to appraise, develop and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate.
In a statement, it said: “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.
“The contracts follow Crescent Petroleum’s successful award in the Oil Ministry’s fifth bid round.”
The company plans to produce 250 million standard cubic feet a day of natural gas from the Gilabat-Qumar and Khashim Ahmer-Injana oil and gas blocks in the country’s northern Diyala province.
Crescent Petroleum said a third exploration block, the Khider al-Mai block in Basra province, will be explored and developed to add further supplies.
The Oil Ministry signed the contracts at a ceremony held in Baghdad on 21 February.
First gas from the Diyala operations is expected within 18 months to supply nearby power plants, according to Crescent Petroleum.
The company plans to build a processing plant on site, pipelines and infrastructure to supply gas.
Crescent Petroleum executive director of exploration and production Abdulla al-Qadi 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. Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.”
The ministry also signed contracts for two concessions with Geo-Jade Petroleum, a Chinese real estate development and oil exploration and production company.
One of the concessions awarded to Geo-Jade is located in Basra, and the other is located in Diyala.
Hong Kong-listed United Energy Group signed a contract for Sindbad, located near Iraq’s Iranian border.
In a speech during the signing ceremony, Iraqi Prime Minister Muhammad Shia al-Sudani noted that the implementation of Iraq’s fifth round of licensing had been delayed by five years.
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The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
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READ THE FEBRUARY 2026 MEED BUSINESS REVIEW – click here to view PDFSpending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.
Distributed to senior decision-makers in the region and around the world, the February 2026 edition of MEED Business Review includes:
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
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Commercial International Bank Egypt (CIB) has provided €58m in credit facilities to local firm Elsewedy Electric for the construction of a combined-cycle gas turbine (CCGT) power plant in Hungary.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
The agreement was signed by Hussein Safadi, CEO of ADC, and Ahmed Al-Mutawa, regional CEO of AD Ports Group.
Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.
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In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
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The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
The supplier park is located next to Ceer’s electric vehicle (EV) production facility in KAEC.
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