ERBIL, Kurdistan Region – Emirati energy firms Dana Gas and Crescent Petroleum have boosted production capacity at the Khor Mor facility in the Kurdistan Region by 30 percent, outstripping earlier estimates, the firms said in a statement Wednesday.
The firms, through their Pearl Petroleum consortium, had initially set a target of increasing production by 25 percent. Up to 400 million square feet per day of gas and 15,000 barrels per day of condensate are now being extracted from Khor Mor in Sulaimani province.
Together with its Chemchemal gas fields, the consortium has invested more than $1.4 billion. Millions more will be invested in the coming years with the aim of raising production to 900 million square feet per day of gas.
“This production increase marks an important milestone as we also commemorate ten years 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 again,” said Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas.
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“The gas we have produced has led to significant fuel savings and social and economic value for the economy, and we hope to grow this in the years to come from the significant resources of these world class fields, for the benefit of the Kurdistan Region and all of Iraq,” Jafar added.
On Monday, Dana Gas celebrated it tenth consecutive year of operations in the Kurdistan Region.
“Despite many challenges over the past ten years we are proud to have maintained our production levels and operations and now with the settlement of all past receivables last summer and continuous payments since then, we look forward to significantly growing production to meet the growing demand for gas and electricity in the Kurdistan Region and Iraq as a whole,” Patrick Allman-Ward, CEO of Dana Gas, said in a statement.
KRG Prime Minister Nechirvan Barzani thanked the firms for continuing to invest during the Region’s recent turbulence.
“At this event, I am calling on the energy companies in the world to flock to the Kurdistan Region and invest in energy and natural resources fields,” Barzani told a ceremony in Erbil.
“I am calling on them look at Dana Gas and Crescent Oil who have so far invested $1.4 billion in the Kurdistan Region and have plans in the coming years invest billions more here,” he added.
The firms, through their Pearl Petroleum consortium, had initially set a target of increasing production by 25 percent. Up to 400 million square feet per day of gas and 15,000 barrels per day of condensate are now being extracted from Khor Mor in Sulaimani province.
Together with its Chemchemal gas fields, the consortium has invested more than $1.4 billion. Millions more will be invested in the coming years with the aim of raising production to 900 million square feet per day of gas.
“This production increase marks an important milestone as we also commemorate ten years 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 again,” said Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas.
KRG Prime Minister Nechirvan Barzani (C) with Dana Gas and Crescent Petroleum executives in Erbil, November 19, 2018. Photo: Dana Gas
Total cumulative production is 250 million barrels of oil equivalent (boe) per day, giving the Kurdistan Region a fuel cost saving of $20 billion. It is mostly produced for the domestic market.
“The gas we have produced has led to significant fuel savings and social and economic value for the economy, and we hope to grow this in the years to come from the significant resources of these world class fields, for the benefit of the Kurdistan Region and all of Iraq,” Jafar added.
On Monday, Dana Gas celebrated it tenth consecutive year of operations in the Kurdistan Region.
“Despite many challenges over the past ten years we are proud to have maintained our production levels and operations and now with the settlement of all past receivables last summer and continuous payments since then, we look forward to significantly growing production to meet the growing demand for gas and electricity in the Kurdistan Region and Iraq as a whole,” Patrick Allman-Ward, CEO of Dana Gas, said in a statement.
KRG Prime Minister Nechirvan Barzani thanked the firms for continuing to invest during the Region’s recent turbulence.
“At this event, I am calling on the energy companies in the world to flock to the Kurdistan Region and invest in energy and natural resources fields,” Barzani told a ceremony in Erbil.
“I am calling on them look at Dana Gas and Crescent Oil who have so far invested $1.4 billion in the Kurdistan Region and have plans in the coming years invest billions more here,” he added.
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