15, Oct 2023
Crescent Petroleum, the region’s oldest and largest privately held upstream oil and gas company. has initiated development of three oil and gas projects in Iraq’s Diyala and Basra governorates that will deliver essential supplies of natural gas to fuel power generation and boost the country’s hydrocarbon resources.
Iraq’s Ministry of Oil activated the 20-year contracts for the Khashim Ahmer-Injana and Gilabat-Qumar fields in Diyala Governorate, as well as exploration and drilling efforts at the Khider Al-Mai block in Basra Governorate. The blocks were awarded under Iraq’s 5th Licensing Round in 2018, and contracts were signed in February 2023, promising to deliver considerable revenues to Iraq’s treasury and significant benefits to the country’s economy.
Development of the three blocks marks a major expansion of Crescent Petroleum’s operational footprint and activities within Iraq. The company will begin fast-track development of the Khashim Ahmer-Injana block in Diyala, and development activities will commence at the Gilabat-Qumar block, also in Diyala. The company will then oversee exploration and drilling efforts at the Khider Al-Mai block in Basra Governorate.
The formal activation of the three contracts occurred at a signing ceremony held in Baghdad on Sunday attended by Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani; Kadouri Abdel Sali, Director General of the Midland Oil Company; and Bassem Abdul Karim, Director General of the Basra Oil Company. Also present at the ceremony was Bassem Muhammad Khudair, the Undersecretary for Extraction Affairs, and Mr. Ali Maaraj, Undersecretary for Distribution Affairs, and other officials from the Ministry of Oil and Crescent Petorleum.
Abdulla al Qadi, senior vice president of exploration and production at Crescent Petroleum said, “These new projects will deliver much-needed gas to generate electricity in Iraq and create thousands of new jobs that will boost the economy and contribute to the country’s economic development, particularly in Diyala and Basra Governorates. We look forward to a fruitful partnership with our partners in the Midland and Basra Oil companies for the benefit of the people of Iraq in the decades to come.”
Crescent Petroleum was awarded the three blocks in Iraq’s fifth bidding round in 2018. In February the company signed two 20-year contracts with the Midland Oil Company for the development of the Khashim Ahmer-Injana and Gilabat-Qumar fields, as well as a third 20-year contract with the Basra Oil Company for exploration of the Khider Al-Mai field.
