ERBIL, Kurdistan Region – Looking to stabilize its electricity generation, the Kurdistan Regional Government (KRG) has signed a deal to boost gas production.
The KRG and Pearl Petroleum signed a 10-year gas sales agreement on January 30 to increase gas production at Khor Mor field by 25 percent, Ministry of Natural Resources (MNR) and Dana Gas announced on Wednesday.
“We are pleased to see the further commitment of expansion and investment by the companies and the anticipated growth in gas supplies will make a positive contribution to the growing domestic needs for more electricity,” said the KRG’s Minister of Natural Resources Dr. Ashti Hawrami.
The boost in production will “deliver much needed gas to fuel additional affordable power generation for the benefit of the local population and Iraq as a whole,” Dana Gas stated.
The Pearl Petroleum consortium, led by Dana Gas and Crescent Petroleum, aims to increase its gas production at Khor Mor and Chemchemal by a further 125 percent within two years.
The agreement “marks an important milestone in our tenth year of continuous production, and the beginning of a new chapter of expansion in operations and production which will see a further investment of over $600 million over the coming few years and a more than doubling of production,” said the CEO of Crescent Petroleum and Board Managing Director of Dana Gas Majid Jafar.
The consortium’s gas production has “led to significant fuel savings and social and economic value for the economy,” he added, expressing his hope for years of growth to come.
Pearl Petroleum is the largest investor in the Kurdistan Region’s gas sector, according to Dr. Patrick Allman-Ward, CEO of Dana Gas.
The Kurdistan Region has a potential 200 trillion cubic feet of natural gas, according to Hawrami.
The KRG has received regular criticism from the population because of irregular electricity supplies.
The KRG and Pearl Petroleum signed a 10-year gas sales agreement on January 30 to increase gas production at Khor Mor field by 25 percent, Ministry of Natural Resources (MNR) and Dana Gas announced on Wednesday.
“We are pleased to see the further commitment of expansion and investment by the companies and the anticipated growth in gas supplies will make a positive contribution to the growing domestic needs for more electricity,” said the KRG’s Minister of Natural Resources Dr. Ashti Hawrami.
The boost in production will “deliver much needed gas to fuel additional affordable power generation for the benefit of the local population and Iraq as a whole,” Dana Gas stated.
The Pearl Petroleum consortium, led by Dana Gas and Crescent Petroleum, aims to increase its gas production at Khor Mor and Chemchemal by a further 125 percent within two years.
The agreement “marks an important milestone in our tenth year of continuous production, and the beginning of a new chapter of expansion in operations and production which will see a further investment of over $600 million over the coming few years and a more than doubling of production,” said the CEO of Crescent Petroleum and Board Managing Director of Dana Gas Majid Jafar.
The consortium’s gas production has “led to significant fuel savings and social and economic value for the economy,” he added, expressing his hope for years of growth to come.
Pearl Petroleum is the largest investor in the Kurdistan Region’s gas sector, according to Dr. Patrick Allman-Ward, CEO of Dana Gas.
The Kurdistan Region has a potential 200 trillion cubic feet of natural gas, according to Hawrami.
The KRG has received regular criticism from the population because of irregular electricity supplies.
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