The UAE’s Crescent Petroleum is eying $1bn in “initial investment” at its Federal Iraq blocks according to CEO Majid Jafar in 13 December comments carried by local outlet Al-Iqtisad News. The firm won three assets in Iraq’s 2018 fifth licensing round, with contracts finally ratified in February (MEES, 24 February); the Khashim al-Ahmar/Injana and Gilabat-Qamar blocks in Diyala province, and the Khider al-Mai exploration block in Basra.
Crescent activated its contracts in late-October (MEES, 20 October), and is preparing to fast track 250mn cfd output from Khashim al-Ahmar/Injana to feed a local power plant. Mr Jafar said Crescent hopes to repeat its success in Iraqi Kurdistan where, with co-operator Dana Gas, it is producing 500mn cfd from the Khor Mor field and aims to increase this to 750mn cfd in 2Q 2024. (CONTINUED - 197 WORDS)