PHOTO
Crescent Petroleum, the Middle East’s oldest privately-owned upstream 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.
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 company said in a statement.
Crescent Petroleum won the contracts following the oil ministry’s fifth bid round.
The Sharjah-based Crescent will develop the Gilabat-Qumar and Khashim Ahmer-Injana fields in Diyala Province, to initially produce 250 million standard cubic feet per day (MMscfd) 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.
(Writing by Brinda Darasha; editing by Seban Scaria)
