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UAE-based Crescent Petroleum is planning to increase its production of natural gas in Iraq by 80 million cubic feet by October and by 500 million cubic feet in the next three years. president of the company said on Thursday.
“We have an investment programme which is currently underway to boost production in Iraq. Despite the challenges the country is facing. we see tremendous opportunities of growth.“ said Badr Jafar while speaking to reporters on the sidelines of Milken Mena Summit in Abu Dhabi.
He said there will be an investment of $1 billion (Dh3.67 billion) to boost production to 500 million cubic feet by 2020.
“The priority will be to generate and deliver gas for local power generation within Iraq. and subject to demand. also embark on a gas export project.“
The company is also planning to engage in oil and gas sector in southern Iraq and is looking to participate in the bidding round that is expected to come up shortly.
Current production of the company in Iraq is 330 million cubic feet of gas per day and about 20.000 barrels per day of condensates.
Speaking of oil prices. he said that the rebalancing process started to take place but the resilience of unconventional production like shale oil will put downward pressure on oil prices.
“In the last few weeks alone. rig counts have bounced back and the production is on the increase. It will maintain downward pressure. but at the same time there would be rebalancing process.
“Where we are today is a healthy oil price. I am not sure where we are going to be at the end of the year. As long as it is not too volatile we are happy.“ he said.
Crescent Petroleum is part of Pearl Petroleum which is involved in the development of oil and gas projects in Iraq.
