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08 February, 2018

UAE's Crescent Petroleum says it will more than double Iraq gas output in 3 years

Company plans to raise natural gas output at its Pearl Petroleum venture in northern Iraq

Image used for illustrative purpose.
An Iraqi worker maintains an oil pipe at Nahr Al-Umran gas refinery in Al-Dier District, northern Basra July 17, 2009.

Image used for illustrative purpose. An Iraqi worker maintains an oil pipe at Nahr Al-Umran gas refinery in Al-Dier District, northern Basra July 17, 2009.

REUTERS/Atef Hassan
ABU DHABI  - United Arab Emirates-based energy firm Crescent Petroleum plans to raise natural gas output at its Pearl Petroleum venture in northern Iraq by 80 million cubic feet per day by October, and by 500 million cfd within three years, the company's president said on Thursday.

Badr Jafar, speaking at a business conference, said Crescent was also keen to engage in the oil and gas sector in the south of Iraq. Pearl currently produces 330 million cfd of gas and 20,000 barrels per day of condensate in northern Iraq, he said.

Pearl is owned 35 percent by Crescent Petroleum, 35 percent by Crescent's affiliate Dana Gas, 10 percent by Austria's OMV, 10 percent by Germany's RWE, and 10 percent by Hungary's MOL.

Jafar also said that Gulftainer, a privately owned port management and logistics company based in the UAE which he chairs, aimed to close an acquisition on the U.S. East Coast this year.

If the acquisition closes successfully, Gulftainer will invest an additional $350 million over 10 years in the United States, over and above the company's plans at Canaveral Container Terminal, he said. Gulftainer currently operates eight terminals worldwide including one in the United States.

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(Reporting by Stanley Carvalho; Writing by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))