Monday, April 09, 2007
UAE oil company to finalise study on oil exploration
Oil, UAE
(The Peninsula) - The UAE's Crescent Petroleum met with Iraqi officials this week to finalise a joint study on an oil exploration area in southern Iraq, Crescent said in a statement yesterday. Iraq's cabinet endorsed a draft oil law in February that aims to lure billions of dollars of foreign investment to boost the country's output. The law is still awaiting parliament's ratification. Many international companies have undertaken studies of oil and gas fields and training programmes for Iraqi officials as they position themselves to win stakes in the country's prized oilfields.
"Crescent Petroleum as a company from the region is firmly committed to Iraq and its oil industry for the long term," Crescent Executive Director Majid Jafar told Reuters yesterday. The exploration area to be studied is near the southern city of Basra and the border with Kuwait, Crescent said. It did not give the name of the area.
Crescent has conducted studies for other regions in Iraq, and has also drawn up a development plan for the giant southern Ratawi field. Ratawi's potential output capacity is at least 200,000 barrels per day.
"Crescent Petroleum as a company from the region is firmly committed to Iraq and its oil industry for the long term," Crescent Executive Director Majid Jafar told Reuters yesterday. The exploration area to be studied is near the southern city of Basra and the border with Kuwait, Crescent said. It did not give the name of the area.
Crescent has conducted studies for other regions in Iraq, and has also drawn up a development plan for the giant southern Ratawi field. Ratawi's potential output capacity is at least 200,000 barrels per day.
The new 10-month study will look at methods for seismic measurement and preparation of geological studies of the region. Crescent representatives and Iraqi officials met in Amman, Jordan. The meetings followed on from a technical cooperation agreement that Crescent and the Iraqi Oil Exploration Company signed in September 2005.
Iraq's oil sector has been hampered by decades of sanctions under Saddam Hussein and years of violence since the U.S.-led invasion in March 2003. Iraq said earlier this week that it had invited 15 Arab, Asian and American firms to drill 100 oil wells in the country's south as part of efforts to boost production. The invitations were issued at the end of March and will close at the end of May.
Iraq's oil sector has been hampered by decades of sanctions under Saddam Hussein and years of violence since the U.S.-led invasion in March 2003. Iraq said earlier this week that it had invited 15 Arab, Asian and American firms to drill 100 oil wells in the country's south as part of efforts to boost production. The invitations were issued at the end of March and will close at the end of May.
Labels: Crescent Petroleum, Iraqi Oil Exploration Company, Majid Jafar, Ratawi field, UAE
