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The bank’s liquidity profile remains strong as evidenced by an advances to stable resources ratio of 76% and an eligible liquid asset ratio of 16%, both comfortably above regulatory thresholds
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Crescent Petroleum signs three contracts to develop oil and gas fields in Diyala and Basra
Crescent Petroleum, the Middle East's oldest privately-owned upstream oil and gas company, has signed three twenty-year agreements with Iraq's Ministry of Oil to appraise, develop, and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate. The agreements will deliver much-needed natural gas to fuel nearby power plants and improve government services, creating thousands of new jobs in Diyala and Basra. The contracts follow Crescent Petroleum’s successful award in the Oil Ministry’s Fifth Bid Round.
Crescent Petroleum will develop the Gilabat-Qumar and Khashim Ahmer-Injana fields in Diyala province to initially produce 250 million standard cubic feet per day (MMscfd) of natural gas. A third exploration block, the Khider Al-Mai block in Basra province, will be explored and developed to add further supplies of oil and gas.
The contracts were signed at a ceremony today held at the Oil Ministry in Baghdad attended by Mohammed Shia Al-Sudani, Prime Minister of Iraq and Hayan Abdul Ghani, deputy prime minister for energy affairs and minister of oil, as well as Hamid Jafar, chairman, Crescent Group and Majid Jafar, CEO, Crescent Petroleum. They were signed by Abdulla Al-Qadi, executive director of exploration and production at Crescent Petroleum, along with Abed Salim, director-general, Qadouri Midland Oil Company and Basim Abdulkarim, director-general, Basra Oil Company. The first gas from the Diyala operations is expected within 18 months to supply nearby power plants. The company will build a processing plant on site as well as pipelines and infrastructure to supply gas.
Crescent Petroleum is committed to achieving 90 per cent local 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 Basra provinces.
Al Qadi said: “We are pleased to commence this long-term partnership with the Government of Iraq. Our new planned investments and operations will create thousands of new jobs and support the local and national economy. Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.”
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