- Investment almost $1 billion – highest foreign investment in Iraqi oil and gas sector
- Total 67 million barrels produced since 2008 – highest by private sector in Iraq
- Project achieves government fuel cost savings of $5.4 billion
Dana Gas and Crescent Petroleum, in their capacity as joint operator of the Khor Mor field, have announced that total production in their gas operations in the Kurdistan Region of Iraq has reached 80,000 barrels of oil equivalent per day at the 4th anniversary of production.
Total investment to date is close to US$1 billion and total cumulative petroleum production to date has exceeded 67 million barrels of oil equivalent, making it the largest by the private sector in Iraq’s oil and gas sector.
The daily production includes 340 million cubic feet of gas per day and 15,000 barrels per day of condensate liquids, and there are plans for further expansion. In total, over 279 billion cubic feet of gas and 13 million barrels of condensate liquids have been produced by the companies since the start of production in October 2008, with the gas supply to local power stations enabling 1,750 MW of new electricity supply locally.
This has ensured almost continuous power supply for 4 million people in the Kurdistan Region, in contrast to the electricity crisis in other parts of Iraq, and provided US$5.4 billion of savings in fuel costs for the government, with annual savings of $2.5 billion going forward and major environmental benefits in cutting greenhouse gas emissions while transforming and energizing the economic and social development of the entire region at the same time.