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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.

https://image.digitalinsightresearch.in/uploads/NewsArticle/10614150/main3620.jpg
Wil Crisp

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