Kurdistan Gas Targets Pushed Out

Dana Gas PJSC, Crescent Petroleum, Mol Nyrt and OMV will produce 300 million cubic feet a day of gas from its project in Iraq’s Kurdistan region in 2012, a year later than expected.

The production rate is currently 200 million cubic feet a day, Dana Gas said in a statement today.

The production rate was expected to reach its target in the first quarter of 2011, Chief Financial Officer James Dewar said in August, almost two years later than the company had originally expected.

Existing production is used to power two regional electricity plants, in Erbil and Chemchemal.

They say they have invested $850 million in the project so far. That included building a 110-mile (180-kilometer) pipeline across mountainous and land-mined terrain.

(Source: BusinessWeek)

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