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A period of 20 years.. The Emirati "Crescent Petroleum" signs 3 contracts to develop gas fields in Iraq
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Economy News-Baghdad
The Emirati Crescent Petroleum Company signed three contracts with the Iraqi Ministry of Oil for a period of 20 years. To develop and produce oil and gas in the provinces of Diyala and Basra.
According to the agreement, Crescent Petroleum will develop two fields in Diyala province to produce 250 million standard cubic feet of natural gas in the first phase.
Operations in Diyala are expected to achieve their first gas production within 18 months to supply nearby power plants, Reuters reported.
The company will also carry out exploration and development work for the third development block, Khidr Al May in Basra Governorate. To produce additional gas and oil supplies.
The company will establish a gas processing plant at the project site, lay pipelines and prepare the necessary infrastructure to deliver gas supplies.
Crescent Petroleum is committed to achieving 90 percent local employment of Iraqis in project operations, and will carry out a variety of community service activities.
And the CEO of Crescent Petroleum, Majeed Jaafar, warned last January that the biggest danger facing the energy markets is the scarcity of investments, as the investment gap was estimated at $300 billion for traditional energy sources by the end of the current decade.
Views 128
Added 02/22/2023 - 9:54 AM
Updated 2023/02/22 - 2:40 PM
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Economy News-Baghdad
The Emirati Crescent Petroleum Company signed three contracts with the Iraqi Ministry of Oil for a period of 20 years. To develop and produce oil and gas in the provinces of Diyala and Basra.
According to the agreement, Crescent Petroleum will develop two fields in Diyala province to produce 250 million standard cubic feet of natural gas in the first phase.
Operations in Diyala are expected to achieve their first gas production within 18 months to supply nearby power plants, Reuters reported.
The company will also carry out exploration and development work for the third development block, Khidr Al May in Basra Governorate. To produce additional gas and oil supplies.
The company will establish a gas processing plant at the project site, lay pipelines and prepare the necessary infrastructure to deliver gas supplies.
Crescent Petroleum is committed to achieving 90 percent local employment of Iraqis in project operations, and will carry out a variety of community service activities.
And the CEO of Crescent Petroleum, Majeed Jaafar, warned last January that the biggest danger facing the energy markets is the scarcity of investments, as the investment gap was estimated at $300 billion for traditional energy sources by the end of the current decade.
Views 128
Added 02/22/2023 - 9:54 AM
Updated 2023/02/22 - 2:40 PM
[You must be registered and logged in to see this link.]
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