Iraq, UAE’s Crescent launch 3 deals to develop oil and gas fields

Iraq launched three energy contracts with UAE’s Crescent Petroleum to develop three oil and gas fields in Iraq, Iraq’s oil ministry said on Sunday.

Earlier this year, Crescent Petroleum signed three 20-year contracts to expand oil and natural gas fields in Iraq’s Basra and Diyala.

The contracts are set to produce 400 million standard cubic feet per day of natural gas within 18 months, the oil ministry added.

The Iraqi oil minister attended the launch at the oil ministry headquarters in Baghdad and said starting operations by Crescent Petroleum will help in stopping gas flaring.