Fossil Energy – Middle East
Jerehand Petro Iraq for Oilfield Development Co. (Petro Iraq) 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 agreement was formalized during a signing ceremony attended by notable figures, including Jereh Group’s Executive President, Li Weibin, and MdOC’s General Manager, Mohammed Yassin Hassan. The event also saw the presence of Iraq’s Deputy Prime Minister and Minister of Oil, Hayan Abdulghani, alongside Jereh’s co-founder, Wang Kunxiao.
Expressing his congratulations, Deputy Prime Minister Abdulghani noted Jereh’s impressive track record within the Middle East’s oil and gas industry. He expressed optimism for the partnership and expected positive outcomes from the Mansuriya gas field development.
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.
