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FINANCIAL NEWS
UAE- Dana Gas, Crescent Petroleum boost output in Iraq’s Kurdistan
15 Oct 2012
(MENAFN) UAE’s Dana Gas and Crescent Petroleum stated that they have increased gas production in Iraq’s semi-autonomous region of Kurdistan after 4 years of operations, reported AP.
The two companies said that gas output was raised to the equivalent of 80,000 barrels of oil per day, adding that at the current time, production stands at 340 million cubic feet of gas per day and 15,000 barrels per day of condensed liquid gas.
The natural gas is provided to local power stations that generate 1,750 megawatts of electricity for the region’s residents.
It is worth noting that as of September, the two UAE firms have invested USD975 million to develop natural gas output in the Kurdish region.
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