Crescent Petroleum’s New Deal to Develop Oil and Gas Blocks in Iraq: A Significant Milestone for Economic Growth and Job Creation.
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. This is great news for both Iraq and Crescent Petroleum, which will be developing 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. The agreements will help Iraq achieve energy self-sufficiency and support the country's long-term economic development plans. It will also create thousands of new jobs in Diyala and Basra, where unemployment rates are high. The announcement comes at a time when Iraq is trying to attract more foreign investment to its oil and gas sector to boost production and exports. Crescent Petroleum's win of these contracts following the oil ministry’s fifth bid round demonstrates the company...