Crescent to ramp up Iraq gas output
Middle East's largest private oil and gas firm outlines expansion plans.
UAE based Crescent Petroleum is aiming to hike natural gas production at its Pearl Petroleum operation in Iraq by 80 million cubic feet per day (cfd) before the end of the year, and by 500mn cfd within three years, the company’s president, Badr Jafar, has said according to Reuters.
Jafar also stated Crescent was looking to enter the oil and gas market in the south of the country. Pearl currently produces 330mn cfd of gas and 20,000 barrels per day of condensate in northern Iraq. Southern Iraq contains a number of significant oilfields including two super-giants in Majnoon and Rumaila.
Pearl is owned 35% by Crescent Petroleum, 35% by Crescent’s Sharjah based affiliate Dana Gas, 10% by Austria’s OMV, 10% by Germany’s RWE and 10% by Hungary’s MOL.
The firm also has operations in Sharjah in the UAE as well as in Egypt via Dana Gas.