Pearl Petroleum, which consists of a consortium between UAE based Dana Gas and Crescent Petroleum, has concluded a new agreement with the Kurdistan Regional Government to increase gas production at Khor Mor by 63% over the next 2 years.
The agreement with see the consortium deliver an additional 250 MMscfd of gas production to help deliver the electricity needs within the region.
The KRG’s Minister of Natural Resources Ashti Hawrami and CEO of Crescent Petroleum Majid Jafar signed the agreement this week which involves an investment of $700 million in the Khor Mor field to add two new production trains and drill new wells, aiming to raise current gas production from 400 MMscfd
to 650 MMscfd. Further production increases are targeted to achieve 900 MMscfd by 2022.
The Kurdistan Gas Project has seen investments of more than $1.6 billion to date, with the project producing in excess of 260 MMboe so far. This has delivered a significant economic boost for the Kurdistan Region and Iraq as a country. With the Kurdistan region often suffering electricity shortages, the increases in gas production at Khor Mor will hep alleviate this issue by supplying critical additional gas to feed electricity plants in Erbil and Sulaimani.
Source: Gulf News