Iraq signs E&P deals with UAE and China

BAGHDAD, February 22, 2023 – Iraq has signed deals with UAE’s Crescent Petroleum and China’s Geo-Jade Petroleum and United Energy Group to develop six local oil and gas fields, Reuters announced on Tuesday.

Crescent Petroleum signed three 20-year agreements for development of E&P assets in Iraq’s Basra and Diyala provinces.

The company plans to initially produce 7.08 mcm (250 mcf) per day from the Gilabat-Qumar and Khashim fields in Diyala. It will also develop the Khider al-Mai block in Basra.

Geo-Jade Petroleum signed two contracts to develop the Huwaiza and Naft Khana fields, located close to Iran and south and northeast of Baghdad respectively.

United Energy Group has been contracted to develop the Sindbad oilfield near Basra.

The government is aiming to produce more than 22.7 mcm (800 mcf) per day from these concessions.

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