UAE's Crescent Petroleum Starts Iraq Gas Development Projects
Date
10/17/2023 3:49:20 AM
(MENAFN- Iraq Business News)
By John Lee.
Iraq's Oil Minister has 'activated' three contracts with UAE-based Crescent petroleum , as part of Iraq's fifth licensing round.
The contracts are aimed at harnessing 400 million standard cubic feet of gas per day, within one and a half years, from the following development blocks:
Gilabat-Qumar [Kalabat], in Diyala Khashim Ahmer-Injana [Khasham Al-Ahmar], in Diyala Khudher Al-Mai [Khider al-Mai], in Basra and Muthana
Oil Minister Hayan Abdul Ghani emphasized the government's and ministry's dedication to increase investment in gas production, focusing on utilizing the gas to generate electricity.
In a statement, the Ministry said the implementation of these contracts will prevent gas flaring, and the gas will be used to produce electricity through mobile power stations at the field sites, bolstering the national grid with substantial gas reserves.
The original, twenty-year, contracts for these projects were signed in February 2023 .
Crescent Petroleum had previously stated that the two fields in Diyala, Gilabat-Qumar and Khashim Ahmer-Injana, will initially produce 250 million standard cubic feet per day (MMscfd) of natural gas.
(Source: Ministry of Oil)
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