Building on more than 20 years of engagement in Iraq, Crescent Petroleum is advancing a new generation of energy projects that support the country’s long-term energy ambitions and economic development.
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 (MOI). One of the first agreements of its kind between Iraq and a regional energy company, the MOU covered technical cooperation, training, and an exploration and appraisal study of an area in southern Iraq.
A Joint Steering Committee was established between Crescent Petroleum and the MOI to oversee the implementation of the programme. During the study period, Crescent Petroleum worked alongside Ministry personnel to provide technical support, training, and knowledge transfer, helping strengthen institutional capabilities and build long-term relationships across Iraq’s energy sector.
Crescent Petroleum’s current portfolio in Federal Iraq includes the Khashim Ahmer-Injana (KAI) and Gilabat-Qumar (GQ) gas fields in Diyala governorate and the Khider Al-Mai (KAM) block in Basra governorate. These assets were awarded to Crescent Petroleum as part of Iraq’s Fifth Bidding Round in 2018.
In February 2023, we signed two 20-year contracts with the Midland Oil Company for the development of the KAI and GQ fields, as well as a third contract with the Basra Oil Company for exploration of the KAM block, a 3,800 sq. km. area located in southwest Basra governorate near the border with Kuwait. The KAI and GQ contracts were activated by the MOI in October 2023, while the KAM contract became effective in December 2023.
Together, these projects represent a significant expansion of Crescent Petroleum’s long-term growth portfolio in Iraq.
At KAI, the first phase of 3D seismic acquisition was completed in 2025, enabling the placement of initial appraisal wells and advancing field development planning. The initial phase of the appraisal and development project will be followed by facilities construction to meet the first commercial production, with a projected investment estimated to be approximately US$200 million to 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.
At KAM, Crescent Petroleum is progressing activities during the current five-year exploration period, including seismic acquisition, geophysical and geological studies, exploration drilling, and de-mining activities.
Crescent Petroleum is committed to meeting up to 90% Iraqi employment at our 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 the surrounding communities.
