Iraq signed deals with UAE firm Crescent Petroleum and two Chinese companies on Tuesday for the development of six oil and gas fields as it seeks to produce much needed natural gas for power stations and cut imports burdening the country\u2019s budget.
\nUnited Arab Emirates-based Crescent Petroleum signed three 20-year contracts to develop oil and natural gas fields in Iraq\u2019s Basra and Diyala provinces in northeastern Baghdad.
\nThe Crescent Petroleum contracts include the Gilabat-Qumar and Khashim fields in Diyala, which are expected to begin producing 250 million standard cubic feet per day of natural gas within 18 months, the company said.
\nCrescent Petroleum also plans to explore and develop Khider al-Mai, a third block in Basra province for oil and gas.
\nChina\u2019s Geo-Jade also signed two contracts for exploration and development rights to Iraq\u2019s Huwaiza oilfield in the south and Naft Khana northeast of Baghdad, both near the Iranian border.
\nChinese oil and gas company United Energy Group Ltd signed a contract to develop the Sindbad oilfield near Basra.
\nIraq expects the new deals to help produce more than 800 million standard cubic feet per day of natural gas (mcf\/d), Iraq\u2019s oil minister Hayan Abdel-Ghani said during the signing ceremony on Tuesday which Prime Minister Mohammed al-Sudani attended.
\nThe OPEC producer heavily relies on Iranian gas imports to feed its power grid.
\nGhani said Iraq was planning to launch a new bidding round to try and maximise gas production.
\nThe new round will include exploration blocks in the country\u2019s north, central and western regions, he said.\/ Iranoilgas
\nPublish Date : 2023\/02\/25<\/p>\n","protected":false},"excerpt":{"rendered":"
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