27 Feb Crescent Petroleum sign 20-year deal with Iraq Ministry of Oil
A deal has been struck between Crescent Petroleum and 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 agreement consists of three 20-year contracts, which will deliver much-needed natural gas to fuel the nearby power plants and create thousands of jobs in Diyala and Basra.
Crescent Petroleum stands as one of the most successful privately-owned oil and gas companies operating in the Middle East, as well as being one of the oldest. Crescent Petroleum was represented by CEO Majid Jafar and Abdulla Al Qadi, Executive Director of Exploration and Production, who signed the deal with Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, at a ceremony held on the 21st February attended by Iraqi Prime Minister Mohammed Shia Al-Sudani.
The first gas from the Diyala operations is expected within 18 months, which will then immediately go to supplying the nearby power plants, pipelines and processing plants will be set up in the local region allowing for the immediate usage of resources.
The contract suggests great development in the future for the region, over the next 20 years. Discussing the success, Abdulla Al Qadi said: “We are pleased to commence this long-term partnership with the government of Iraq. Our new planned investments and operations will create thousands of new jobs and support the local and national economy.”