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Jereh and Petro Iraq for Oilfield Development Co., Ltd. (Petro Iraq)had officially signed a development and production contract with Midland Oil Company of Iraq (MdOC) to jointly develop the Mansuriya gas field. This marks Jereh’s first venture as a developer in a major oil and gas project in the ME region.
The Mansuriya gas field, recognized as Iraq’s second-largest, is pivotal to the country’s strategy to increase domestic energy production and reduce reliance on imports.
Under the terms of the contract, the Iraqi Ministry of Oil will repurchase all produced natural gas, liquefied petroleum gas, and condensate products once commercial production begins, ensuring Jereh’s investment and cost recovery. |
