Latest news with #PearlPetroleum
Rudaw Net
09-05-2025
- Business
- Rudaw Net
Dana Gas says to begin production at Chamchamal field next year
Also in ECONOMY Iraq tells Turkey it needs more time to restart Kurdish oil exports KRG calls for restart of Kurdish oil exports 'as soon as possible' Oil association urges renewed efforts to resume Kurdish exports KRG transfers control of digital salary payment program to finance ministry A+ A- ERBIL, Kurdistan Region - The UAE-based Dana Gas on Thursday announced that it has begun development activities at the key Chamchamal gas field in Sulaimani province alongside its consortium Pearl Petroleum, and that production is set to commence next year. 'Pearl Petroleum has initiated first phase development activities at Chemchemal, one of Iraq's largest world-class and undeveloped gas fields. A $160 million investment program is now underway to drill three wells and install an extended well test facility,' Dana Gas said in a disclosure on the Abu Dhabi Securities Exchange (ADX). The Chamchamal gas field and the nearby Khor Mor field, which Dana Gas also operates, are among Iraq's largest energy fields. According to the disclosure, the Chamchamal field is set to produce 75 million standard cubic feet of gas per day (mmscf/d) by mid-2026. The company also recorded $43 million in profits since the beginning of the year - a 13 percent increase from the same period last year - despite lower oil prices. 'Daily gas production at Khor Mor reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region's power generation needs,' Dana Gas said. Last month, Dana Gas announced that a mega expansion project at Khor Mor, labeled KM250, is set to be completed early next year, ahead of schedule. The expansion is set to significantly boost the Kurdistan Region's electricity generation capabilities. 'Once fully operational, KM250 is expected to add 250 MMscf/d of processing capacity, increasing Pearl Petroleum's production by 50%, while significantly boosting Dana Gas's financial performance and cash flow,' it said. 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 achieved higher production in the KRI [Kurdistan Region of Iraq] while reducing our operational and finance costs. We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1 2026,' said Dana Gas CEO Richard Hall. 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.
Zawya
08-05-2025
- Business
- Zawya
Dana Gas says work progressing at fast pace at Iraq's KM250 gas field
UAE-based energy company Dana Gas said that work on the KM250 gas field in the Khor Mor area is progressing at an accelerated pace, with first gas expected in the first quarter of 2026. Once fully operational, the project is expected to add 250 million standard cubic feet per day (MMSCFD) of processing capacity, boosting Pearl Petroleum's production by 50 percent, the company said in its first quarter 2025 financial report. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG. In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed in December. Additionally, Pearl Petroleum launched its initial development at Chemchemal, one of Iraq's largest undeveloped gas fields. A $160 million investment programme is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMSCFD is targeted for the second half of 2026. In Egypt, Dana Gas committed to investing $100 million over the next two years to drill 11 new wells. The company plans to drill three wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025, the statement said. (Writing by P Deol; Editing by Anoop Menon) (
Associated Press
05-04-2025
- Business
- Associated Press
Crescent Petroleum and Dana Gas Reach 500 MMboe Cumulative Production from Khor Mor Field, Announce Major Growth and Development Plans
SHARJAH, UNITED ARAB EMIRATES / ACCESS Newswire / April 4, 2025 / Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008. The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth. The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG. The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project, which includesUS$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months. Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure. In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of 5 years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes. Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, 'We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.' Richard Hall, CEO of Dana Gas, added, 'The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company.'
Yahoo
05-04-2025
- Business
- Yahoo
Crescent Petroleum and Dana Gas Reach 500 MMboe Cumulative Production from Khor Mor Field, Announce Major Growth and Development Plans
SHARJAH, UNITED ARAB EMIRATES / / April 4, 2025 / Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008. The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth. The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG. The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project, which includesUS$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months. Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure. In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of 5 years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes. Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, "We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq." Richard Hall, CEO of Dana Gas, added, "The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company."Media Contact:Anishanish@ SOURCE: Crescent Petroleum View the original press release on ACCESS Newswire Sign in to access your portfolio
Dubai Eye
05-04-2025
- Business
- Dubai Eye
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field
UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe). The power generated by the Khor Mor power plant supplies more than 75 per cent of the electricity generation capacity in the Kurdistan Region of Iraq, benefiting more than 6 million people. Total investments to date have reached $3.5 billion, creating more than 20,000 direct and indirect job opportunities in the region. This production achievement coincides with the partners announcing a series of development initiatives that will provide tremendous growth in the coming years. In March 2025, daily production from the Khor Mor field reached 525 million standard cubic feet of natural gas, representing a 75 per cent increase since 2017, in addition to 15,200 barrels per day of condensates and 1,070 tons per day of liquefied petroleum gas. The partners announced the acceleration of the development of the Khor Mor 250 project, which is expected to increase the field's production capacity by 50 per cent by the first quarter of 2026, with $1 billion in financing, including $250 million from the U.S. Development Finance Corporation. The consortium has initiated a new appraisal strategy for the Khor Mor field to explore opportunities to develop additional hydrocarbon resources in the field and plan for subsequent phases. It is also exploring the Chemchemal field to produce up to 71 million standard cubic feet per day by 2026, with an investment of $160 million to drill three wells. Pearl Petroleum is exploring additional financing options and has engaged DNB Markets, a subsidiary of DNB Bank AS, and Pareto Securities AS to partner on additional financing options and to manage and arrange a series of meetings with fixed income investors for a potential issuance of a new five-year senior secured bond to support growth. Pearl Petroleum Consortium was established in 2009, initially comprising Dana Gas and Crescent Petroleum as co-operators, each with a 35 per cent stake. OMV, MOL, and RWE subsequently joined with 10 per cent stakes each. Since its inception, the project has succeeded in providing continuous, affordable energy supplies on a large scale across the Kurdistan Region of Iraq, with a significant and tangible impact on the economy, society, and environment in the region. The percentage of local workers in Pearl Petroleum's work teams reached approximately 80 per cent, including at the management level, which supports the region's economy and significantly improves its activity. The clean natural gas produced by the project in the Khor Mor field has avoided 59 million tons of carbon dioxide emissions to date, reducing total greenhouse gas emissions by more than 20 per cent by 2024, reaching 200,000 tons of carbon dioxide equivalent. It has also reduced its total energy consumption by 5 per cent, resulting in a total carbon intensity of 4.4 kg per barrel of oil equivalent, one of the lowest levels recorded across the sector.
