By John Lee.
Crescent Petroleum and its partner and affiliate Dana Gas PJSC, have, in their capacity as joint operator of the Kor Mor field, announced that total production in their major gas operations in the Kurdistan Region of Iraq has grown steadily to reach 70,000 barrels of oil equivalent per day, with total investment to date approaching $1bn.
The production includes 330 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 249 billion cubic feet of gas and 11.7 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.
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 billions of dollars of savings in fuel costs for the government and very significant environmental benefits in cutting down pollution and greenhouse gas emissions, while transforming the economic and social environment.
"We are proud to be the largest investors in the Kurdistan Region's oil and gas sector, and to have already enabled major economic and social benefits for the people of the Kurdistan Region and all of Iraq, especially with the improved and secure electricity supply," said Mr. Majid Jafar (pictured), CEO of Crescent Petroleum and Member of the Dana Gas Board of Directors.
"We are in discussions with the KRG Ministry of Natural Resources on the next phase of development and expansion, to grow our operations and enable further progress and prosperity for the local community."