CP completes 1st phase of exploration campaign 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 US$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 US$1 billion.
Abdulla al Qadi, Iraq Country Chair and MD Diyala and Basra at Crescent Petroleum, said, '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. 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."
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.
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