US$ 600mn investment to increase production 57% within 2 years
Dana Gas, the Middle East’s leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium.
The KM250 expansion involves further investment of US$ 600mn to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations.
Current production at the Khor Mor field is 440 million cubic feet per day of natural gas as well as 15,700 barrels per day of condensate and 1,020 tonnes of liquified petroleum gas (LPG), or a total of 110,400 barrels of oil equivalent (boe) per day, making it the largest overall producer in the KRI and the largest private sector upstream gas operation in Iraq.
After the KM250 train, there are plans to add a further KM500 train which would take production to almost 1 billion cubic feet per day by 2024.
“After a year of delay due to the pandemic, we are pleased to fully resume the KM250 expansion project to invest US$ 600mn and grow the gas production almost 60% within 2 years from now, supporting the local electricity provision even further,” commented Majid Jafar, CEO, Crescent Petroleum and Board Managing Director, Dana Gas.
“With our partners in Pearl Petroleum we are proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development,” remarked Dr. Patrick Allman-Ward, CEO, Dana Gas.
