Media ININ Economy We Trust
06-03-2019 Media in\ Sharjah
Pearl Petroleum, a consortium led by Crescent Petroleum and Dana Gas, headquartered in Sharjah, recently signed a new gas sale agreement with the Kurdistan Regional Government (KRG) for 20 years.
The agreement was signed by Dr. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government of Iraq and Majid Humaid Jafar, Chief Executive Officer of Crescent Petroleum, a member of Dana Gas managing board on behalf of Pearl Petroleum.
Under the agreement, the consortium will increase gas production and sell it to the KRG by an additional 250 million standard cubic feet per day by 2021. This increase is part of the coalition’s expansion plans in the Kurdistan region of Iraq to boost electricity production in order to meet the urgent local need.
And after obtaining all necessary approvals for the agreement, including the approval of the Special Council for Oil and Gas Affairs in the Kurdistan region and the Board of Directors of Pearl Petroleum, the work of the project which is currently under implementation.
Dr. Ashti Hawrami said the step is very important for us as it will enable us to upgrade the services we provide to the people of the Kurdistan region of Iraq through the quantities of additional gas provided by the coalition, which will enable us to promote electricity production, where the Kurdistan Region of Iraq has exceptional gas reserves and the Kurdistan Regional Government is committed to contribute effectively To meet the growing demand for electricity in Iraq and in the region.
For his part, said Majid Hamid Jafar represents the new gas sale agreement a new phase of plans to expand the Kurdistan gas project, where we will invest more than 700 million dollars in the coming years to increase our production to 900 million cubic feet per day and will be a major factor supporting the development and economic prosperity in the region and we look forward to To intensify our efforts devoted to investing the vast resources of these important fields in order to serve the Kurdistan region and Iraq as a whole.
The $ 700 million expansion project at Khorormor will include the addition of two new production units at Khorormor station as well as the drilling of new wells to raise current production rates from 400 million cubic feet per day to 650 million cubic feet per day by 2021 under the new gas sale agreement And 900 million cubic feet per day thereafter by 2022.
