Crescent Petroleum concludes three contracts for the development of oil and gas fields in the provin

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[size=52]Crescent Petroleum concludes three contracts for the development of oil and gas fields in the provinces of Diyala and Basra[/size]

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[size=45]• Development projects that will enhance the potential resources of the gas fields in Jalabat/Kamr and Khashm al-Ahmar/Injana in Diyala Governorate, and in the Khadr al-Mai area in Basra Governorate.[/size]
[size=45]These projects will fill the urgent need for natural gas to feed neighboring power plants and operate industries.[/size]
[size=45]Sharjah, United Arab Emirates - February 21, 2023.[/size]
[size=45]Crescent Petroleum, the first private company to undertake development and production projects for oil and gas resources in the Middle East, has signed three 20-year contracts with the Iraqi Ministry of Oil, under which the company will assess, develop and produce oil and gas from two blocks in Diyala Governorate and another in Basra Governorate. These contracts will fill the urgent need for natural gas to feed nearby power stations, improve government services, and provide thousands of new job opportunities in Diyala and Basra, noting that Crescent Petroleum had obtained these contracts in the fifth licensing round.[/size]
[size=45]In this context, Crescent Petroleum will develop the fields of Galabat/Kamr and Khashm al-Ahmar/Injana in Diyala Governorate to produce 250 million standard cubic feet of natural gas in the first phase. Exploration and development work will also be carried out for the third development block, Khidr al-Mai in Basra Governorate, to produce additional gas and oil supplies.[/size]
[size=45]These contracts were concluded in the framework of a ceremony held at the Ministry of Oil in Baghdad, in the presence of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, his deputy for energy affairs, the Minister of Oil, Hayan Abdul-Ghani, the Chairman of the Board of Directors of the Crescent Group of Companies, Hamid Jaafar, and the CEO of Crescent Petroleum, Majid Hameed Jaafar. The contracts were signed by Abdullah Al-Qadi, Executive Director of the Exploration and Production Department at Crescent Petroleum, General Manager of the Middle Oil Company, Qadouri Abdul Salim, and General Manager of Basra Oil Company, Bassem Abdul Karim. Operations in Diyala are expected to achieve their first gas production within 18 months to supply nearby power stations. The company will construct a gas processing plant at the project site, lay pipelines and prepare the necessary infrastructure to deliver gas supplies.[/size]
[size=45]Crescent Petroleum is committed to achieving local employment of Iraqis in project operations by 90%, and will implement a variety of community service activities through which it will provide training, capacity building, education, support and social services for the benefit of the residents of Diyala and Basra governorates.[/size]
[size=45]Abdullah Al-Qadi, Executive Director of Exploration and Production at Crescent Petroleum, commented: “We are pleased with this long-term partnership with the Iraqi government, and our new operations will create thousands of new jobs and support the economy at the local and national levels. The gas and oil supplies that our operations will produce will contribute to improving services and developing the local economy for the Iraqi people.”[/size]
[size=45]- I finish -[/size]
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