Crescent Petroleum prepares a $1 billion investment in Iraq
The gas field of Siba in Basra, Iraq. Photo: Reuters
Baghdad (IraqiNews.com) – Crescent Petroleum plans to invest up to $1 billion in Iraq as part of a deal it struck with the Iraqi government in early 2023.
According to the CEO of Crescent Petroleum, Majid Jafar, the investments are in concession areas in the northeastern governorate of Diayla and the southern oil metropolis of Basra.
Crescent Petroleum has conducted an initial assessment of the gas reserves in the Kurdistan region of Iraq and has determined that these reserves are around 80 trillion cubic feet, according to Jafar’s statement cited by the Aliqtisad News.
Jafar explained that in addition to large quantities of crude oil, Crescent Petroleum’s goal is to create 750 million cubic feet of gas per day in Basra and Diyala.
“Although we may increase our initial investment by several times over the course of the 20-year contract, we still intend to invest close to $1 billion,” Crescent Petroleum’s official stated.
Crescent Petroleum and Iraq concluded a 20-year agreement in February 2023 to develop four oil and gas projects in Basra and Diyala.