Crescent Petroleum, a leading energy company headquartered in the UAE, has announced its plans to invest up to $1 billion in Iraq as part of a deal with the Iraqi government.

The investment will be focused on concession areas in the northeastern governorate of Diyala and the southern oil metropolis of Basra.

According to Crescent Petroleum’s CEO, Majid Jafar, the company has conducted an initial assessment of the gas reserves in the Kurdistan region of Iraq and has determined that these reserves are around 80 trillion cubic feet (tcf). This is in addition to large quantities of crude oil that the company plans to extract.

Jafar stated that the company’s goal is to create 750 million cubic feet (mmcf) of gas per day in Basra and Diyala. This will not only contribute to the country’s energy needs but also create job opportunities and boost the local economy.

“Although we may increase our initial investment by several times over the course of the 20-year contract, we still intend to invest close to $1 billion,” Crescent Petroleum’s official stated.

Notably, Crescent Petroleum and Iraq concluded a 20-year agreement in February 2023 to develop four oil and gas projects in Basra and Diyala.