FINANCIAL NEWS

Investments of Dana Gas, Crescent Petroleum hit USD1b in Iraq’s Kurdistan

24 Mar 2013

(MENAFN) UAE Dana Gas PJSC and Crescent Petroleum stated that their investment in Iraq’s Kurdistan region has surpassed USD1 billion so far, reported Gulf News.

The two firms added that since operations started at the Kor Mor field, total petroleum output has reached 79 million barrels of oil equivalent.

Meanwhile, on a daily basis, output reached a peak rate of 88,000 barrels oil equivalent per day (boepd), averaging 80,000 boepd, also comprising 340 million cubic feet of gas per day and 15,000 bpd of condensate liquids.

It is worth noting that in April 2007, the two companies jointly entered into agreements with the Kurdistan Regional Government for the Kor Mor and Chemchemal blocks, and plan to increase investment and output levels.

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