Dana fuel has announced improved development at Kurdistan’s Khor Mor and Chemchemal fields.
complete assertion from Dana gasoline
Dana gasoline, the center East’s leading publicly listed regional herbal gasoline employer, and its companion Crescent Petroleum, the oldest non-public oil & gasoline employer inside the center East, together with their companions inside the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq’s biggest non-associated gasoline discipline, has reached 500 million barrels of oil equal (Mmboe), highlighting the level of development and growth from the Khor Mor area in the Kurdistan place of Iraq (KRI) in view that 2008.
The Khor Mor plant operated by the groups offers the gas for round seventy five% of the KRI’s power generation, permitting low cost power for extra than 6 million Iraqis inside the KRI and different governorates of Iraq. With general investment so far exceeding US$three.five billion, the operations have created greater than 20,000 direct and indirect jobs within the vicinity.
This manufacturing milestone coincides with the announcement of a sequence of development tasks allowing significant destiny increase.
Khor Mor discipline development
The corporations introduced that every day manufacturing from Khor Mor in early March reached 525 MMscfd of natural fuel, a increase of seventy five% due to the fact that 2017, further to 15,2 hundred b/d of condensate, and 1,070 t/d of LPG.
The companions also announced that improvement of the KM-250 undertaking, which guarantees to enhance capability by a in addition 50%, has multiplied the predicted completion to Q1 2026. development on america$1 billion enlargement undertaking, which incorporates US$250 million in financing from the usa improvement Finance corporation (DFC), has advanced in current months thru speedy-music simultaneous challenge creation and commissioning sports, enabling the employer to reduce the overall undertaking schedule through several months.
building on the potential of the Khor Mor field, the consortium has also began paintings on an appraisal strategy to free up Khor Mor’s extra massive hydrocarbon capacity and plan the subsequent levels of the field’s improvement.
Chemchemal investment choice
building at the giant capability of the Chemchemal field, the Pearl Petroleum companions also introduced commencement of sports to appraise the Chemchemal Cretaceous reservoir and initiate manufacturing of up to seventy one MMscfd at some point of 2026. The companions have committed US$160 million to drill 3 wells, deploy an extended nicely take a look at (EWT) facility, and construct associated permitting infrastructure.
Financing options below attention
In mild of these current achievements and development, Pearl Petroleum is thinking about further financing options and has engaged DNB Markets, a part of DNB bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to set up a sequence of constant-earnings investor conferences. subject to market situations and proper terms, a new senior secured bond issue with a tenor of five years may additionally observe. The proceeds may be used to finance those near-time period increase possibilities and for popular corporate purposes.
Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board coping with Director of Dana fuel, stated:
“we are at the start of an exciting new chapter for Pearl Petroleum with the imminent finishing touch of the KM-250 expansion task, initial appraisal and development of the Chemchemal area and an appraisal approach to in addition free up hydrocarbon ability of the Khor Mor subject. This paintings will further decorate the energy zone and financial system of the Kurdistan place and all of Iraq.”
Richard corridor, CEO of Dana gasoline, brought:
“The KM-250 crowning glory which we’re now confident of increasing to take place in Q1 2026 will remodel our enterprise, enabling the next principal segment of expansion. Our ongoing positive discussions with the monetary network mirror the increasing respect we’re being afforded as a prime nearby energy corporation.”
Pearl Petroleum became founded in 2009 as a consortium with Dana gasoline and Crescent Petroleum as joint operators with a 35% equity proportion each, and with OMV, MOL, and RWE subsequently joining the consortium with a 10% proportion every. within the ensuing years, the assignment has delivered uninterrupted, cheap strength at scale to the KRI, making a considerable impact at the vicinity’s economic system, society, and surroundings.
With over eighty% nearby employment in operations, including in management positions, Pearl has has enabled fuel fee financial savings for the authorities and made a great effective contribution to the nearby economic system. The natural fuel produced in Khor Mor has additionally averted fifty nine million tonnes of CO2 emissions thus far by means of substituting oil and diesel with cleaner burning herbal fuel for strength era.
Pearl Petroleum stays devoted to retaining carbon neutrality having decreased general GHG emissions by means of over 20% in 2024 to 2 hundred kTCO2e, whilst lowering normal strength consumption by 5%, bringing its general carbon intensity to four.4kg CO2/Boe. this is most of the lowest within the industry, supplemented via offsets of the closing emissions to attain carbon neutrality throughout operations.
