Iraq Signs Exploration Deals To Boost Gas, Oil Output

Iraq signed several deals with foreign companies to boost the country’s oil and natural gas production in the coming years, Iraq’s Oil Minister Hayyan Abdul Ghani said.

• The government expects oil output to be boosted by 250kbpd once the blocks covered by the agreements start producing, the minister said.
• UAE’s Crescent Petroleum has signed three contracts to develop natural gas fields in Iraq’s Diyala and Basra provinces, the company said.
• Under the deal, the firm plans to develop two fields in the Diyala region initially to produce 250mcfd of gas within 18 months, to supply nearby power plants.
• It also plans to explore and develop a third block in the Basra province to add further supplies of oil and gas.
• Iraq also signed deals with two Chinese companies, including Geo-Jade Petroleum Corp., the minister said.