Dana Gas invests $1b in Kurdish region

Dana Gas and its biggest shareholder and partner, Crescent Petroleum, invested $963 million in the Kurdish region of Iraq by the end of June.

Abu Dhabi-listed Dana Gas and Sharjah-based Crescent Petroleum said they are in discussions with the Kurdish government for the next phase of development and expansion.

“Total production from the Kor Mor Field has grown to 70,000 barrels of oil equivalent a day. The production includes 330 million cubic feet of gas per day and 15,000 barrels per day of condensate liquids, and there are plans for further expansion,” according to a statement on Wednesday.

The two companies have so far been produced over 249 billion cubic feet of gas and 11.7 million barrels of condensate since the start of production in October 2008. They also supplied gas to local power stations enabling them to generate 1,750 megawatts of electricity for about four million people in the Kurdistan region.

“We are proud to be the largest investors in the Kurdistan region’s oil and gas sector, and to have already enabled major economic and social benefits for the people of the Kurdistan Region and all of Iraq, especially with the improved and secure electricity supply,” said Majid Jafar, chief executive of Crescent Petroleum and member of the Dana Gas board of directors.

“We are in discussions with the KRG Ministry of Natural Resources on the next phase of development and expansion, to grow our operations and enable further progress and prosperity for the local community.”