By John Lee.
Majid Jafar (pictured), the chief executive of UAE-based Crescent Petroleum, has said the company is gearing up for expansion in the Iraqi oil and gas sector.
Speaking to Reuters on the sidelines of the World Economic Forum (WEF) in Dubai, he said:
"We are looking at entering Libya with the right opportunity. Other countries like Lebanon, despite plans being delayed, have been setting up regulations bodies in preparation. It’s an area of potential interest."
Crescent Petroleum, which is based in Sharjah, plans to expand investment and production in Kurdistan and into other areas in Iraq given the country’s under-explored state.
“There are only 2,000-3,000 wells drilled in the whole of Iraq so far compared to 10 times as many in Saudi and 1 million wells in Texas alone,” Jafar added.
The Iraqis are only beginning to develop the sector, he said, adding that there has not been a consensus on policy and there is still a mindset that the state needs to manage the sector.