Crescent Petroleum completes first phase of seismic exploration campaign of the Khashim al Ahmer field in Diyala
Al-Qadi: 'Reaching this milestone in record time underscores the seriousness with which Crescent Petroleum is proceeding with our Federal Iraq projects'
Sharjah, UAE — Crescent Petroleum, the Middle East's oldest and largest private oil and gas company, is pleased to announce the completion of the first phase of its 3D seismic campaign at the Khashim Ahmer block in Diyala Governorate in Iraq. The milestone marks a major step forward in the development of the immense non-associated gas field, which promises to significantly contribute to Iraq's energy independence and support the Iraqi government's efforts to improve electricity services while creating thousands of new jobs in the Diyala region.
The seismic survey, which was completed on on-time and on-budget used the latest seismic nodal technology to provide the first high-resolution insight into the field's reservoirs, while enabling the placement of initial appraisal wells.
Crescent Petroleum will now also be issuing turn-key contracts on an accelerated basis for drilling the appraisal wells with spudding expected later this year.
The initial phase of the appraisal and development project will be followed by construction of facilities to meet first commercial production, with a total investment estimated at $200 – 250million.
Once the anticipated hydrocarbon resources are established, follow-on project phases will include further development drilling, construction of a central processing facility and associated infrastructure to handle up to 400 MMscf/d of gas and 80,000 b/d of condensates, with an expected investment exceeding $1 billion.
'Reaching this milestone on time and on budget underscores the commitment with which Crescent Petroleum is proceeding with our Iraq projects in Diyala and Basra, as we work to unlock the immense resources of the fields and contribute to Iraq's economy and to the Iraqi government's efforts to deliver improved services for thepeople,' said Abdulla al Qadi, Iraq Country Chair and MD Diyala and Basra at Crescent Petroleum. 'Crescent Petroleum has been a pioneer in the private sector development of natural gas in the MENA region, and we will bring our more than 54 years of expertise in delivering complex projects for shared value to the communities we serve and our stakeholders,' he added.
The Diyala projects by the company will create thousands of direct and indirect new jobs in Diyala and surrounding governorates, giving a significant boost to the area's economy. Once operational, the project will also enable the government to save on fuel costs and enhance electricity provision and economic development.
In 2023, Crescent Petroleum signed two 20-year contracts with the Midland Oil Company for the Khashim Ahmer-Injana and Gilabat-Qumar fields in Diyala governorate, and another with the Basra Oil Company for the Khider Al-Mai field exploration in Basra governorate. Between October and December 2023, the Ministry of Oil activated these contracts, and development of the blocks has proceeded at a rapid pace. Exploration studies are being undertaken in the KAM block to define the ranked portfolio of opportunities and target the most attractive for exploration activities planned In 2026.
The new blocks significantly expand Crescent Petroleum's operational footprint in Iraq, adding to the company's operations in the Kurdistan Region, and making the company the largest private upstream operator in Iraq by field count and area.
As the projects progress, the company is committed to achieving 90% Iraqi employment in the operations while initiating a variety of social performance projects for training, education, and social services in Diyala and beyond to support the communities where it will operate.
Crescent Petroleum Company International Limited (CPCIL) was awarded the Khashm Ahmer-Injana (KAI) Contract Area by the Iraqi Ministry of Oil in 2018 as part of its Fifth Petroleum Licensing Round, under a Development and Production Contract. The Contract was signed by Midland Oil Company (MdOC) of the Iraqi Ministry of Oil and CPCIL on 21 February 2023 and became effective on 15 October 2023.
About Crescent Petroleum:
Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 54 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq.
Headquartered in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt and Bahrain. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East's first and largest regional private-sector natural gas company.
www.crescentpetroleum.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
CBUAE issues commemorative coins on occasion of establishment of Al Nasr Sports Club
The Central Bank of the United Arab Emirates (CBUAE), in collaboration with Al Nasr Sports Club, has issued commemorative silver coins to celebrate the 80th anniversary of the establishment of Al Nasr Sports Club, one of the most prestigious sports clubs in the UAE. The issuance of the coin is a tribute to the Club's role in supporting the sports movement and enhancing national identity over the past eight decades. The CBUAE issued 1,000 commemorative silver coins, each weighing 40 grammes, with a design that combines the club's symbolism and its rich heritage. The obverse of the coin features the Al Nasr Sports Club logo along with the place and year of establishment, "Dubai 1945". The reverse of the coin displays the coin's nominal value of "80 Dirhams" with the phrase "80th Anniversary of Establishment of Al Nasr Sports Club", surrounded by the name "Central Bank of the United Arab Emirates" in addition to the phrase "Commemorative Coin" in both Arabic and English. The coins have been delivered to Al Nasr Sports Club and will not be available for sale at CBUAE's headquarters or its branches. Saif Humaid Aldhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, said, "The issuance of this coin reflects our keenness to mark important national events that contribute to fostering cultural and sporting awareness, and to highlight the achievements of national institutions at both local and global levels. Al Nasr Sports Club represents a sporting edifice that combines history with future ambition." Engineer Marwan bin Ghalita, Chairman of the Board of Director of Al Nasr Sports Club, said, "Al Nasr Club is proud of its history and its pioneering role as the first club to lay the foundation for the sports movement in the UAE, celebrating eighty years of giving and achievements. The CBUAE's issuance of the coin commemorates this legacy and consolidates the club's position in national sports. We consider this day a historic milestone to be proud of, and we thank the CBUAE for highlighting this glory, affirming our commitment to continue the journey of development and successes to serve Emirati sports.'
Zawya
4 hours ago
- Zawya
Issuance of commemorative coins on the occasion of the establishment of Al Nasr Sports Club
Abu Dhabi: The Central Bank of the United Arab Emirates (CBUAE), in collaboration with Al Nasr Sports Club, has issued commemorative silver coins to celebrate the 80th anniversary of the establishment of Al Nasr Sports Club, one of the most prestigious sports clubs in the UAE. The issuance of the coin is a tribute to the Club's role in supporting the sports movement and enhancing national identity over the past eight decades. The CBUAE issued 1,000 commemorative silver coins, each weighing 40 grams, with a design that combines the club's symbolism and its rich heritage. The obverse of the coin features the Al Nasr Sports Club logo along with the place and year of establishment, "Dubai 1945". The reverse of the coin displays the coin's nominal value of "80 Dirhams" with the phrase "80th Anniversary of Establishment of Al Nasr Sports Club", surrounded by the name "Central Bank of the United Arab Emirates" in addition to the phrase "Commemorative Coin" in both Arabic and English. The coins have been delivered to Al Nasr Sports Club and will not be available for sale at CBUAE's headquarters or its branches. H.E. Saif Humaid Aldhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, said: "The issuance of this coin reflects our keenness to mark important national events that contribute to fostering cultural and sporting awareness, and to highlight the achievements of national institutions at both local and global levels. Al Nasr Sports Club represents a sporting edifice that combines history with future ambition." Engineer Marwan bin Ghalita, Chairman of the Board of Director of Al Nasr Sports Club, said: "Al Nasr Club is proud of its history and its pioneering role as the first club to lay the foundation for the sports movement in the UAE, celebrating eighty years of giving and achievements. The CBUAE's issuance of the coin commemorates this legacy and consolidates the club's position in national sports. We consider this day a historic milestone to be proud of, and we thank the CBUAE for highlighting this glory, affirming our commitment to continue the journey of development and successes to serve Emirati sports.'
Zawya
5 hours ago
- Zawya
Iraq's 5-year plan targets 6mln bpd output
Iraq aims to pump nearly six million barrels per day (bpd) of oil towards the end of its 2024-2028 development plans that projects annual income of more than $100 billion. The plan also targets a sharp increase in gas production by slashing the gas flaring ratio to just 10 percent from nearly 60 percent at present. 'The current development plan aims to increase oil production to six million bpd and expand the use of associated gas to 90 percent,' said Mudhar Saleh, an economic adviser to Iraq's prime minister Mohammed Al-Sudani. Saleh told Iraq's Aliqtisad News agency that the non-oil sector could also provide more than 50 percent of the national income at the end of the plan while new petrochemical projects would boost their contribution to GDP by nearly five percent. Saleh said the plan is different from previous development schemes because it will be assessed every six months instead of one year and it is based on Key Performance Indicators (KPIs). Iraq last week unveiled the new five-year plan which forecast revenues of around 710 trillion Iraqi dinars ($545 billion) during the 2024-2028 development plan, mostly from oil exports. The revenues at an average $109 billion per year will allow the government to pump enough investments to attain the targeted annual growth of more than four percent during the plan, planning ministry spokesman Abdul Zahra Al-Hindawi said. In comments published by the official Iraqi news agency, Al-Hindawi said nearly half the expected investments by the public and private sectors would be channeled into the oil industry and housing. He said oil revenues are projected at around IQD 631 trillion ($485 billion) during the plan, nearly 89 percent of the total revenues. Sitting atop the world's fifth largest recoverable oil deposits, Iraq has launched a scheme to expand oil output capacity by more than 30 percent to six million bpd as it projects higher OPEC Plus quota due to an expected rise in global demand. OPEC's second largest oil producer has awarded nearly 30 oilfield development contracts over the past two years to foreign firms, including France's TotalEnergies, BP and Chinese companies. (Writing by Nadim Kawach; Editing by Anoop Menon)
