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
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