Dana Gas and Crescent Petroleum have announced that the total investment by both companies in gas operations in the Kurdistan Region of Iraq has exceeded US$1bn
Total cumulative petroleum production by both firms since October 2008 has reached 79mn barrels of oil equivalent from continuous production from the Kor Mor field, making it the highest level of production achieved by private companies in Iraq's oil and gas sector, a company press release stated.
Daily production reached a peak rate of 88,000 bopd, which includes 9.6mn cubic metres of gas and 15,000 barrels of condensate liquids. In total, more than 10.6bn cubic metres of gas and 16.5mn barrels of condensate liquids have been produced by the companies with the gas supply to local power stations enabling 1,750MW of electricity generation for Kurdistan Region of Iraq.
Majid Jafar, CEO of Crescent Petroleum, said, “Dana Gas and Crescent Petroleum are proud to have delivered these important results, which are also a testament to the policies of encouraging private investment and local development that have been applied in the Kurdistan Region of Iraq.”
Rashid Al-Jarwan, acting CEO of Dana Gas, added, "We are working with the Kurdistan Region of Iraq's Ministry of Natural Resources on the next phase of development and expansion, and look forward to growing our operations and investment to enable further progress and prosperity for the local community.”
