Dana Gas announced its efforts to increase production in the Kurdistan Region by 20 percent after a settlement reached last year with the Kurdistan Regional Government (KRG).
"The settlement we have reached is a very important achievement for the company and will enable us to start developing the Khor Mor and Chamchamal oilfields entirely," the company's chief executive Patrick Alman-Ward told journalists on Thursday.
Dana Gas is an independent gas company headquartered in Sharjah, United Arab Emirates that has been active in the Kurdistan Region of Iraq since 2007 when it entered into agreements with the KRG to develop its substantial gas resources.
Khor Mor and Chamchamal are two global gas fields with a massive reserve of 75 trillion cubic feet of wet gas and seven billion barrels of oil.
"If things go according to plan, we will produce approximately 900 million standard cubic feet per day from our facilities with our partners at Pearl [Petrolium Company], once expansion plans are completed by 2021," he said.
The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas. Source: Kurdistan 24