“We are proud to be the largest investors in the Kurdistan Region's oil and gas sector, and the highest petroleum producers since our first production four years ago, which enables electricity supply for millions of Iraqis and billions of dollars of ongoing fuel savings for the government,” said Mr. Majid Jafar, CEO of Crescent Petroleum and Member of the Dana Gas Board of Directors. “We are working 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.”
Marking the fourth anniversary of continuous production by the partners, Mr. Rashid Al-Jarwan, Executive Director and Acting CEO of Dana Gas, said: “This important milestone has been achieved with the cooperation and support of the KRG, as well as our partners, contractors and local staff. In addition we are working with the KRG to improve and resolve the outstanding receivables, and are very encouraged by the recent announcement on the resumption of payments from the Federal Government.”
The project partners had by the end of September 2012 invested a total of US$975 million under contracts signed with the Kurdistan Regional Government (KRG) for the Khor Mor and Chemchemal blocks in April 2007. Major achievements of the project so far include: installing a 180km gas pipeline across challenging mountainous terrain that required the clearing of minefields; first gas production after only 16 months; drilling successfully to tertiary reservoir formations at depths of 2,300 metres, and importing and installing over 64,000 tonnes of equipment in over 3,500 truck-loads, with pipe material supplied from China and Thailand, and the state-of-the-art gas processing plant imported from the USA.