09/10/2013 09:00 AST
Dana Gas, the Middle East's leading regional private sector natural gas
Company, and Crescent Petroleum, the oldest private oil and gas Company
in the Middle East, have announced the achievement of five years of
continuous production in their major operations in the Kurdistan Region of Iraq.
As joint operators of the Khor Mor Field on behalf of the Pearl Consortium, they
are currently producing an average of 80,000 barrels of oil equivalent (boe)
per day, with total investment of US$1.1 billion and total cumulative production
of close to 100 million boe. This is the largest investment and production in the
oil & gas sector of the Kurdistan Region of Iraq.
The daily production includes 335 million cubic feet of gas per day and 14,100
barrels of condensate, with an LPG capacity of over 1,000 tonnes per day. A
maximum production rate of 87,700 boe per day was also achieved. In total,
over 402 billion cubic feet of gas and 20 million barrels equivalent of liquids
have been produced by the companies since the start of production in
October 2008, with the gas supply to local power stations enabling 1,750 MW
of new electricity supply locally.
This has ensured almost continuous power supply for 4 million people in the
Kurdistan Region, in contrast to the electricity crisis in other parts of Iraq, and
provided US$ 11 billion of savings in fuel costs for the government, with annual
savings in excess of $3.3 billion going forward and major environmental
benefits in cutting greenhouse gas emissions while transforming and energizing
the economic and social development of the entire region at the same time.
In addition, the environmental benefits included a total of US$169 million in
carbon savings and lower environmental pollution thanks to the utilization of
natural gas instead of liquid fuels for power generation.
“We are proud to be the largest investors in the Kurdistan Region's oil and gas
sector, and the highest petroleum producers since our first production five
years ago, which enables electricity supply for millions of citizens, transforming
the development of the region and providing billions of dollars of ongoing fuel
savings for the Kurdistan Regional Government,” said Mr. Majid Jafar, CEO of
Crescent Petroleum and Managing Director of the Board of Dana Gas.
Marking the fifth anniversary of continuous production by the partners,
Mr. Patrick Allman-Ward, CEO of Dana Gas, said: “This important milestone has
been achieved with the cooperation and support of the KRG, as well as our
partners, contractors and local staff. In addition we are working with the
Ministry to resolve all outstanding matters, including receivables, amicably and
in good faith. We are also in discussion with them on further expansion of our
investment and production, with the correct assurances and under the
contractual terms.”
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