根据协议，Crescent Petroleum 将评估、开发和生产伊拉克中东部迪亚拉省的两个区块和伊拉克南部巴士拉省（该国主要产油区）的一个区块的石油和天然气。Crescent Petroleum 预计迪亚拉油田最初每天生产2.5 亿标准立方英尺 (MMscfd) ，预计18 个月内第一批天然气将供应当地发电厂。新月石油公司将在现场建造一座加工厂，以及供应天然气的管道和基础设施。

新月石油公司表示，将勘探和开发巴士拉的第三个勘探区块，以进一步增加石油和天然气的供应。

“我们新计划的投资和运营将创造数千个新就业机会，并支持当地和国家经济，”新月石油公司勘探和生产执行董事阿卜杜拉·阿尔·卡迪 (Abdulla Al Qadi) 表示。“这些业务的天然气和石油供应将有助于改善伊拉克人民的服务和当地经济发展。”

伊拉克是欧佩克第二大产油国，拥有大量未开发储量。该国的目标是到 2027 年将产量提高到 700 万桶/日，而目前的水平约为 460 万桶/日。然而，基础设施瓶颈、治理不善、投资条件相对不利以及政治内斗阻碍了进展。

Under the agreements, Crescent Petroleum will appraise, develop and produce oil and gas from two blocs in Diyala governorate in eastern-central Iraq, and one in Basra governorate in southern Iraq, the country's main oil-producing region. Crescent Petroleum envisages initially producing 250mn standard cubic feet a day (MMscfd) from the Diyala fields, with first gas expected within 18 months to supply local power plants. Crescent Petroleum will build a processing plant on site, as well as pipelines and infrastructure to supply gas.

The third exploration block in Basra will be explored and developed to add further supplies of oil and gas, Crescent Petroleum said.

“Our new planned investments and operations will create thousands of new jobs and support the local and national economy,” said Abdulla Al Qadi, executive director of exploration and production at Crescent Petroleum. "Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.”

Iraq is OPEC’s second largest producer, with vast untapped reserves. The country aims to raise production to 7mn bpd by 2027, compared to current levels of around 4.6mn bpd. However infrastructure bottlenecks, poor governance, relatively unfavourable investment conditions and political infighting have hampered progress.