Jereh Officially Signs Development Agreement with Midland Oil Company of Iraq for Mansuriya Gas Field

Baghdad, Iraq October 31, 2024/ Jerehand Petro Iraq for Oilfield Development Co., Ltd. (Petro Iraq) had officiallysigned a development and production contract with Midland Oil Company of Iraq(MdOC) to jointly develop the Mansuriya gas field. This marks Jereh's firstventure as a developer in a major oil and gas project in the ME region.

The agreement was formalized during a signing ceremony attended bynotable figures, including Jereh Group's Executive President, Li Weibin, and MdOC'sGeneral Manager, Mohammed Yassin Hassan. The event also saw the presence ofIraq's Deputy Prime Minister and Minister of Oil, Hayan Abdulghani, alongsideJereh’s co-founder, Wang Kunxiao.

Expressing his congratulations, Deputy Prime Minister Abdulghaniacknowledged Jereh's impressive track record within the oil and gas industry ofthe Middle East. He expressed optimism for the partnership, expecting positiveoutcomes from the Mansuriya gas field development.

The Mansuriya gas field, recognized as Iraq's second-largest, ispivotal to the country's strategy to increase domestic energy production andreduce reliance on imports. Under the terms of the contract, theIraqi Ministry of Oil will repurchase all produced natural gas, liquefiedpetroleum gas, and condensate products once commercial production begins,ensuring Jereh’s investment and cost recovery.

In an interview following the signing, Li Weibin emphasized Jereh'sawareness of the urgency surrounding Iraq's gas supply challenges. He stated,“The Mansuriya project is crucial for Iraq’s energy independence. To this end,we will leverage our strengths in oil and gas field development, drilling andcompletion services, surface engineering, high-end equipment manufacturing, andinternational project management to ensure reliable execution of the project.”