Latest news with #CrescentPetroleum
Rudaw Net
6 days ago
- Business
- Rudaw Net
Dana Gas posts $73 million profit in first half of 2025
Also in ECONOMY Oil production resumes at two Kurdistan Region fields Baghdad says ready to receive any amount of oil from KRG KRG registers over 800k employees for digital financial initiative Erbil hands over oil to Baghdad, receives budget share A+ A- ERBIL, Kurdistan Region - The UAE-based Dana Gas on Sunday reported a net profit of $73 million for the first half of 2025, a decrease from the same period last year due to lower hydrocarbon prices despite high output in the Kurdistan Region's crucial Khor Mor gas field. In a statement, Dana Gas said it delivered 'resilient performance in H1 2025 with AED 270 million ($73mm) net profit, due to strong operation in KRI and new investment momentum in Egypt underpinning results despite lower prices.' Despite higher output in the Kurdistan Region, profits declined from last year due to lower hydrocarbon prices and a slight drop in Egypt production. A major expansion project at Khor Mor in Sulaimani province, known as KM250, is expected to drastically increase the production of gas from the field by an additional 250 million standard cubic feet of gas per day (mmscf/d), significantly boosting the Region's electricity generation capabilities. In May, Dana Gas announced that it had also begun development activities at the nearby Chamchamal gas field. The two fields are among Iraq's largest, and Chamchamal is set to produce 75 mmscf/d by mid-2026. 'Dana Gas made further progress on the KM250 expansion and Chamchamal development projects,' the statement said, reporting that production in the Kurdistan Region saw a three percent increase. 'Daily gas output at the Khor Mor field remained high, exceeding 500 MMSCFD, a 75% increase since 2017,' it stated. In April, Dana Gas said that KM250 is set to be completed early next year, ahead of schedule. Crescent Petroleum and its affiliate, Dana Gas, struck a deal with the Kurdistan Regional Government (KRG) in 2007 to develop the Region's substantial gas resources. They also agreed to establish Kurdistan Gas City, a major new gas-utilization industrial complex to promote private sector investment. The KM250 expansion project is supported by a seven-year, $250 million financing agreement between Dana Gas and the US International Development Finance Cooperation. 'We are now seeing the results of a proactive, hands-on approach across the business, one that keeps us close to the operations and focused on delivery. In the KRI, our operational teams have maintained excellent performance,' said CEO Richard Hall, adding that the KM250 expansion 'continues to move forward at pace.' Located in Sulaimani's Chamchamal district, Khor Mor frequently comes under attack, reportedly by Iran-affiliated Iraqi militias taking advantage of its strategic and economic importance for the Kurdistan Region, leading to major power disruptions across the Region and hindering expansion projects at the site. A drone targeted the field in February but did not cause material damage or casualties. Sulaimani-based Kurdish counterterrorism forces blamed 'militia groups and outlaws' for the attack. In April of last year, a drone strike at the site killed four Yemeni nationals and injured several others who were repairing damage from a previous attack. The strike caused Dana Gas to suspend production temporarily. Dana Gas has also warned that attacks on Khor Mor directly impact the lives of the Kurdistan Region's citizens.
The National
28-07-2025
- Business
- The National
Why solving Iraq's gas problem is crucial for its economy and environment
It was a week of good, bad and ambiguous news for Iraq's natural gas industry. What stood out is the fact that solving its gas problem is the single most feasible and effective thing the government could do for its economy, environment and quality of life. But meddlesome forces stand in the way. On the good side, Iraq signed an agreement with US oil services giant SLB (formerly Schlumberger) to develop the Akkas field on the Syrian border, a large but geologically challenging resource. Iraqi prime minister Mohammed Shia Al Sudani inaugurated two new gas processing plants in the Basra province, including one at the Faihaa field, in which Dubai-based Dragon Oil is a partner. And US-based HKN agreed to expand oil and gas output from the Hamrin field in the Salahaddin province. In May, HKN had been awarded a contract to develop the Miran gasfield, while compatriot Western Zagros signed terms for Topkhana. These are two of the largest undeveloped gas accumulations in the Kurdistan region and, indeed, the whole of Iraq. And Sharjah-based Crescent Petroleum is moving ahead with work on Chemchemal, another large gasfield in Kurdistan, while it completes work to expand its long-standing Khor Mor field. Agreement signalled that a logjam between the two main Kurdish political parties had been broken – the Kurdistan Democratic Party, which controls the capital Erbil, the oil sector and most of the government, and the smaller Patriotic Union of Kurdistan, which holds the gasfields themselves and territory through which pipelines have to run. On the bad side, drones launched by unidentified assailants struck several oilfields in the semi-autonomous Kurdistan region. Fortunately, and probably by design, no one was killed or injured, and the damage to facilities seems to be limited. But most of the region's oil output has now been closed down as a precautionary measure. One of the two initial targets was the Sarsang field, operated by HKN. The company has been one of the most vocal in pressing its rights in Baghdad, and bringing US political pressure to bear. These bombings are the most widespread and clearly targeted assault on the Kurdish petroleum sector so far. Earlier attacks were sporadic, and mostly consisted of unguided rockets aimed at Khor Mor. One strike killed four workers at the field in April last year, the only deadly incident known of this campaign. Iran-aligned armed groups are well-understood to be the culprits, which used Iranian-model drones, though they denied responsibility. Their aims seem to be to attack American interests, deter alleged ties of the Kurdistan region with Israel, prevent competition to Iranian gas supplies to Iraq, and keep up pressure on Mr Al Sudani's government as it seeks a workable arrangement with Erbil and as federal elections in November loom. In the ambiguous category is Turkey's decision to exit the treaty governing the Iraq-Turkey oil pipeline when it expires next July. The pipeline has been shut anyway since March 2023 when an arbitral judgment went against Turkey. But the main sticking point since then has been the need for an accord between the Kurdistan region and the federal authorities in Baghdad over the rules for oil export, the responsibility for sales, the distribution of revenue, and the contractual position of the oil companies operating in Kurdistan. Ankara seems to favour replacement of the treaty with a more expansive agreement covering gas and electricity as well as oil. That could be good news for facilitating Kurdish gas exports finally, after a decade of discussion. But Turkey is playing a complicated game, including balancing tensions within Iraq, its interests in Syria, which include gas supply and electricity investments, and its gas trade with Russia, Iran and European neighbours. Iraq has struggled to provide adequate electricity to its people since the 1990-91 Gulf War and particularly following the botched US occupation after 2003. This creates discontent as people swelter through ever-hotter summers without adequate air-conditioning. It holds back the development of an economy beyond oil. In turn, a large part of the electricity problem stems from the failure to supply enough gas. Iraq is the world's third worst flarer of unused gas from oil production, behind only Russia and Iran. This causes local pollution and massive greenhouse gas releases. Yet it burns more than 300,000 barrels per day of extra oil for power generation in the summer, causing further pollution and wasting fuel that could be exported. Gas capture has increased in the past few years, but oil production has also grown, so the flaring problem has hardly diminished. Iraq's fast-rising population means the gas and electricity deficits do not narrow either. Supplies of Iranian gas and electricity, vital to help fill the gap, have become increasingly unreliable because of US sanctions and Iran's own worsening shortages. The US has devoted significant diplomatic effort to solving this mess, with mixed motives including the noble – promoting Iraqi stability, well-being and the environment – and the more self-interested, including its campaign against Iran, and boosting the prospects of American companies. The optimal development of gas in Kurdistan and the rest of Iraq is the key that would unlock several other doors. It could foster a more constructive relationship between Baghdad and Erbil. It would improve Iraq's economy and help it move on from over-reliance on oil exports, by providing reliable energy for industry. It is plausible that it would not even harm Iran. Tehran cannot meet its supply commitments to Iraq anyway, because of its own shortfall and because of US sanctions. Its exports to Turkey too are coming under increasing strain. If Iran overcame these problems, Iraq would be ready to continue buying its gas: domestic Iraqi, including Kurdish, supplies will not be enough for years to come, so great is the deficit and the pent-up demand. Turkey would gain from a greater pool of gas which it can combine with its own burgeoning supplies, to on-sell to Europe. Europe too would be aided in its attempts to eliminate its remaining fraction of Russian gas imports. Brussels' lack of realpolitik and its allergy to hydrocarbons unfortunately prevent it from playing the active role it should. Gulf, European, Turkish and American companies may be able to tread a path between Baghdad, Erbil and Ankara. But first, the shadowy figures behind the drone swarm need to be stopped.
Al Bawaba
11-07-2025
- Business
- Al Bawaba
$4.3 trillion investment needed by 2030 to sustain global gas demand, Crescent Petroleum CEO tells OPEC leaders
Total investments of USD$4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar.'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. "The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs."Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said."The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals," he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said.'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
$4.3t gas investment ‘vital to power balanced global energy future'
A massive $4.3 trillion in global investment will be required by 2030 to meet surging demand for natural gas and support a balanced energy transition, according to Crescent Petroleum CEO Majid Jafar. Speaking at the 9th Opec International Seminar in Vienna, Jafar warned that the world is heading into a critical phase where all energy sources — including gas, oil and renewables — must be scaled up simultaneously to ensure a just, realistic, and resilient energy future. Jafar told Opec ministers and top energy executives that the world can no longer afford an either-or strategy that sidelines hydrocarbons in favour of renewables. 'The era of renewables growing at the expense of other energy sources is over. We now need an 'and, and' strategy,' he said, urging a cohesive global approach to energy planning. The Crescent Petroleum chief stressed the impact of a 'lost decade' of underinvestment in oil and gas infrastructure. While the focus over the past 10 years has been on decarbonisation, the resulting capital shortfalls in the hydrocarbon sector now risk undermining energy security — especially in the Global South, where growth in population, urbanisation and electrification is outpacing supply. More than 1.2 billion people globally still lack access to reliable electricity, Jafar noted, adding that energy poverty is on the rise in many developing countries. 'The energy trap leads to increased coal burning, which undermines both development and climate goals,' he warned, calling for greater empowerment of the Global South to tap into its abundant natural gas reserves. He cited data from the International Energy Agency showing that global energy demand surged 2.2 per cent in 2024 — well above the average for the past decade. Electricity demand alone jumped 4.3 per cent, fueled by electrification trends and the rise of energy-intensive AI data centres. Natural gas demand outpaced other hydrocarbons last year, growing by 115 billion cubic metres — around 2.7 per cent — compared to an average of 75 bcm annually over the past 10 years. Jafar pointed to a looming energy challenge posed by the rapid expansion of AI technologies. By 2030, global data centres could consume as much power as Japan's current total electricity usage. Supporting this surge in demand will require at least $720 billion in new grid investments, primarily in North America and Europe. 'Natural gas is the most reliable and scalable solution to meet this exponential demand while lowering carbon emissions,' he said. 'Just by replacing all coal-fired power generation with gas, we could cut global emissions by 15 per cent — more than the total achieved by trillions of dollars spent on renewables so far.' Speaking at a roundtable on 'Policies and Regulations: A Just and Realistic Energy Future,' Jafar was joined by energy leaders including Tengku Muhammad Taufik, CEO of Petronas; Rovshan Najaf, President of Azerbaijan's SOCAR; and Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), based in Abu Dhabi. Jafar's remarks reflect a growing consensus that energy security must be pursued alongside climate goals. The challenge, he noted, is particularly acute for emerging economies, where energy access remains a development priority. He argued for pragmatic policy frameworks that avoid imposing a one-size-fits-all transition model on countries with vastly different energy profiles. The two-day Opec Seminar, attended by nearly 1,000 energy leaders from governments, multinationals, and global institutions, was held at Vienna's historic Hofburg Palace under the theme 'Charting Pathways Together: The Future of Global Energy.' Delegates focused on key issues including investment gaps, low-carbon technologies, market stability, energy poverty, and equitable transitions.
Gulf Today
10-07-2025
- Business
- Gulf Today
Sustaining global gas demand will require $4.3tr in investment by 2030
Total investments of $4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar. 'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. 'The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs.' Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said. 'The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals,' he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said. 'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so far. The International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification. Crescent Petroleum is the Middle East's first and largest private oil and gas company, with over fifty years of experience operating internationally. Headquartered in the UAE, Crescent Petroleum maintains operations and offices across the Middle East and beyond, and is the largest shareholder in Dana Gas, the region's leading private-sector natural gas company. Meanwhile the Organisation of the Petroleum Exporting Countries (OPEC) will launch the 19th edition of its World Oil Outlook (WOO) during the 9th OPEC International Seminar in Vienna, Austria. The event been held in the Hofburg Palace yesterday (Thursday). Haitham Al Ghais, Secretary General of OPEC, will deliver opening remarks, followed by a panel session with management and analysts from the OPEC Secretariat's Research Division, which will discuss the publication's key findings. First published in 2007, the WOO, one of the OPEC's flagship publications, provides an in-depth review and analysis of the global oil and energy industries and offers assessments of various scenarios in their medium- and long-term development.
