Crescent Petroleum prepares a $1 billion investment in Iraq

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Crescent Petroleum plans to invest up to $1 billion in Iraq as part of a deal it struck with the Iraqi government in early 2023.

Investments were made in concession areas in Diayla and Basra, according to Crescent Petroleum’s CEO, Majid Jafar.

Crescent Petroleum has conducted an initial assessment of the gas reserves in the Kurdistan region of Iraq, and determined that the reserves are roughly 80 trillion cubic feet. This information is based on a statement made by Jafar and cited in Aliqtisad News.

Jafar explained that Crescent Petroleum aims to produce 750 million cubic feet of gas per day in Basra and Diyala, in addition to large quantities of crude oil.

“Despite the possibility of increasing our initial investment several times over the 20-year contract, our intention is to invest around $1 billion,” said Crescent Petroleum’s official.

Crescent Petroleum signed a 20-year agreement with Iraq in February 2023 to develop four oil and gas projects in Basra and Diyala.