The UAE oil company Crescent Petroleum is planning to produce nearly 700 million cubic feet of gas per day (mcf/d) in a project to develop four fields in Iraq under a 20-year contract, a company adviser was quoted on Monday as saying.

Mohammed Al-Saadi told Iraq’s Baghdad Today news agency that two fields are located in the Southern oil hub of Basra and two in the Northeastern Diyala province.

He said Crescent Petroleum is the first Arab oil firm to be granted hydrocarbon concessions in Diyala as part of Iraq’s fifth licensing round.

“Phase 1 of the project to develop two fields in Diyala will last 15 months…we expect to produce 700 mcf/d, which will be supplied to Mansouriya power plant in the Governorate…there is also a possibility to supply power stations in Baghdad via an existing pipeline,” Saadi said.

In comments in late 2023, Crescent Petroleum’s CEO Majid Jaafar said the Company has plans to invest nearly $1 billion in Iraq under the 20-year contract signed with the government in early 2023.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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