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Dana Gas & Crescent Petroleum to increase Khor Mor output

Gasoil News - Published on Mon, 11 Mar 2019

Image Source: wikipedia.org
Pearl Petroleum Company Limited, the Consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a new 20-year Gas Sales Agreement with the Kurdistan Regional Government to enable production and sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021 as part of their expansion plans in the Kurdistan Region of Iraq in order to boost much needed local domestic electricity generation. Pursuant to the Settlement Agreement reached between the parties in August 2017, this new gas sales agreement was signed on 19th February 2019 by Dr Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government, and Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, on behalf of Pearl Petroleum. All approvals for the agreement, including by the the Kurdistan Region Council for Oil & Gas Affairs and the Board of Pearl Petroleum, have since been granted, with project work now under implementation.

However, the Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the Kurdistan Regional Government (KRG) for certain exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the Kurdistan Region of Iraq (KRI). Production from the newly built plant in Khor Mor began just 15 months later, in October 2008. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each.

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Posted By : Rabi Wangkhem on Mon, 11 Mar 2019
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