Crescent Petroleum is fully committed to the development of opportunities across Iraq to support the redevelopment of the country. It is the only international oil company to have maintained a continuous presence in Iraq through its offices in Baghdad for almost 20 years. Additional offices have been set up in recent years in Erbil, Suleymania and Basra to support the growing operations of Crescent Petroleum in Iraq.
In 2005, Crescent Petroleum signed a Memorandum of Understanding (MOU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil, which was one of the first agreements of its kind with a Middle Eastern petroleum company. The MOU covers technical co-operation and training and includes an exploration and appraisal study on an area assigned for Crescent Petroleum by OEC in southern Iraq. A Joint Steering Committee for the implementation of this MOU was set up between Crescent Petroleum and Iraq’s Ministry of Oil. Under this MOU and during the period of the exploration study, Crescent Petroleum was engaged in the training of personnel from the Iraqi Ministry of Oil and its affiliate companies, for the strengthening of ties and the sharing of knowledge with the Ministry, in addition to providing full team participation to the Ministry throughout all phases of the study.
Crescent Petroleum has already carried out detailed studies on other areas in Iraq, notably the giant Ratawi oilfield in Southern Iraq, whose estimated reserves are over 10 billion barrels. The company performed detailed technical studies and proposed a fast-track development program for Ratawi to develop the field within 18 months and achieve a plateau production of 250,000 bbl/d and 300 MMscf/d of associated gas.
Ratawi is one of the major super-giant fields with over 10 billion barrels of oil in place that are earmarked for speedy development to boost the oil production capacity of Iraq.
In 2018, Crescent Petroleum was awarded three blocks in Iraq’s fifth bidding round in 2018 to appraise, develop, and produce gas from two blocks in Diyala Governorate and one development in Southern Iraq. In February 2023 the company signed two 20-year contracts with the Midland Oil Company for the development of the Khashim Ahmer-Injana and Gilabat-Qumar fields, as well as a third 20-year contract with the Basra Oil Company for exploration of the Khider Al-Mai field.
In October 2023 the Ministry of Oil activated the contracts for the Khashim Ahmer-Injana and Gilabat-Qumar fields in Diyala Governorate, as well as exploration and drilling efforts at the Khider Al-Mai block in Basra Governorate.
Development of the blocks marks a major expansion of Crescent Petroleum’s operational footprint and activities within Iraq.
In 2025 the first phase of 3D seismic acquisition at the Khashim Ahmer-Injana block, enabling the placement of initial appraisal wells and advancing field development planning. That initial phase of the appraisal and development project will be followed by facilities construction to meet first commercial production, with a total projected investment estimated between $200 million and 250 million.
Once 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 boe/d of condensates, with potential investment exceeding US$1 billion.
Crescent Petroleum is committed to meeting up to 90% Iraqi employment at its operations and will lead a variety of social performance projects to deliver training and capacity building, education, and social services support to benefit the residents of Diyala and the surrounding regions.
