More recently, Crescent Petroleum signed a Memorandum of Understanding (MOU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil, which is one of the first agreements of its kind with a Middle Eastern petroleum company. The MOU, which was signed in 2005, covers technical co-operation and training and includes an exploration and appraisal study on an area assigned for Crescent Petroleum by OEC in southern Iraq. A Joint Steering Committee for technical cooperation has also been set up between Crescent Petroleum and Iraq's Ministry of Oil to facilitate and implement the terms of the MOU. Crescent Petroleum has also been engaged in the training of personnel from the Iraqi Ministry of Oil and its affiliate companies, for the strengthening of ties and the sharing of knowledge with the Ministry.

Crescent Petroleum has already carried out detailed studies on other areas in Iraq, notably the giant Ratawi oil-field in Southern Iraq, where the company conducted detailed negotiations of contractual and commercial terms for a circa one billion US dollars fast track field development programme, to a sustained production level of 250,000 bopd.

The Ratawi Field was initially discovered in 1948. Six appraisal wells were drilled during the 1970's through multiple clastic and carbonate reservoirs, and several vintages of seismic were acquired during the 1970's and 1980's. Ratawi is one of the major super-giant fields with over 10 billion barrels of oil in place that are ear marked for speedy development to boost the oil production capacity of Iraq.

• Crescent Petroleum is the only international oil company, to have had presence in Baghdad for the past 15 years.
• Crescent Petroleum signed in 2005 a Memorandum of Understanding (MOU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil. The agreement covers technical co-operation and training, and includes an exploration and appraisal study on an area assigned for Crescent Petroleum by OEC in southern Iraq.
• A Joint Steering Committee for technical cooperation has also been set up between Crescent Petroleum and Iraq's Ministry of Oil to facilitate and implement the terms of the MOU.
• Crescent Petroleum performed detailed studies and conducted negotiations with the Ministry of Oil for the development of the giant Ratawi oil field, in southern Iraq.