Geo-Jade and MdOC Advance Naft Khana Project into Full-Scale Development Phase
Forging Ahead Together, Advancing Oil & Gas Cooperation
— Naft Khana Project Enters a New Phase of Accelerated Exploration and Development
Baghdad, June 3, 2025 — In an atmosphere marked by cooperation and determination, Geo-Jade Petroleum Corporation (“Geo-Jade”) and the Middle Oil Company of Iraq (“MdOC”) successfully convened the 8th Joint Management Committee (JMC) meeting in Baghdad. This milestone event not only reaffirmed the strength of the bilateral partnership but also heralded a new phase of full-scale exploration and development following the completion of 2D and 3D seismic data acquisition across the entire 2,250 km² Naft Khana Block. It signals a renewed commitment to unlocking both new discoveries and revitalizing mature fields within the block.
Laying the Foundation for Takeoff
The core theme of this JMC meeting was continuity and transition. Participants reviewed the remarkable achievements of the earlier phase—most notably, the successful completion of an extensive and technically complex seismic survey. This achievement has produced an unprecedentedly clear structural and resource map of the subsurface, laying a solid scientific foundation for precision exploration and efficient development.
Building on this momentum, the meeting shifted focus toward the acceleration of exploration in newly identified, high-potential traps and preparing for their development. Equally important was the strategy for reviving existing mature fields to maximize the overall value of the block.
Blueprint Unveiled: Accelerated Development Underway
The Committee reviewed and formally approved a set of core investment plans, charting a clear operational roadmap for the year ahead. These include:
- Well Deployment and Preparations:
A series of key exploration and appraisal wells will be drilled based on the interpreted seismic data. These wells aim to deliver continuous breakthroughs in new oil and gas discoveries, rapidly expanding reserves and production capacity. Preparatory work for drilling and well testing is already underway. - CPF Construction Commences:
The Central Processing Facility (CPF)—the future hub for oil and gas handling and transport across the block—will now move into the implementation phase. After over a year of planning and approvals, the CPF project is set to begin ground construction, paving the way for large-scale production in the newly identified oilfields. - Revitalization of Mature Fields:
Following detailed studies of existing legacy assets within the NK Block, a scientifically grounded redevelopment plan has been adopted. Leveraging modern technology and best-in-class operational practices, the project will tap into previously underdeveloped horizons and enhance recovery rates from existing reservoirs—breathing new life into mature oilfields and ensuring a steady rise in output and profitability.
A Promising Future: Advancing the Energy Frontier
Delegates from both Geo-Jade and MdOC praised the outcomes of the JMC meeting, unanimously recognizing the approved investment plans as key engines for propelling the NK Block into a phase of accelerated, transformative growth. Looking ahead to the coming year, the project anticipates:
- Breakthroughs in new discoveries, injecting strong momentum into long-term project value creation;
- Steady and renewed production from mature assets, contributing reliable output to Iraq's energy supply.
This dual-track strategy—developing new fields while reviving mature ones—will significantly boost the block's overall productivity and economic returns.
Geo-Jade and MdOC reaffirmed their shared commitment to the project's success, highlighting the meeting as a testament to their collaborative spirit and unwavering confidence in the NK Block's potential. Both parties pledged to mobilize top-tier resources and execute the approved plans with a strong emphasis on safety, efficiency, and environmental responsibility. Together, they will strive to deliver tangible results and contribute meaningfully to Iraq's energy development and regional energy security.