Iraq has signed three contracts with the United Arab Emirates’ Crescent Petroleum company to develop three oil and gas fields in eastern and southern Iraq, the Iraqi Oil Ministry has announced.
The ministry said the deals would help Iraq produce 400 million cubic feet of natural gas per day within 18 months. Two fields will be developed in Diyala province in eastern Iraq and a third in Basra province in southeastern Iraq.
Iraqi Oil Minister Hayan Abdul Ghani said the Iraqi government is keen to increase gas investment projects to reduce gas flaring, the burning of natural gas associated with oil extraction, and use the gas for generating power instead.
Iraq has more than 132 trillion cubic feet of natural gas reserves, but still flares much of its gas and imports gas from Iran for its power plants.