"Dana Gas" and"Crescent oil" They exceed 500 million barrels of oil equivalent in a field "Khor Moore" They are preparing to double production
Sharjah, April 4 / WAM / Dana Gas and Al Hilal Oil revealed with their partners in the Pearl Petroleum coalition, that the cumulative production of their project in the “Khor Moore” field, the largest unaccompanied gas field in Iraq, has exceeded 500 million barrels of oil equivalent, which reflects the level of great development and growth in this main field in the Kurdistan region of Iraq since 2008.
The supplies produced by the Khor Moore station feed more than 75% of the electricity generation operations in the Kurdistan region of Iraq, benefiting more than 6 million Iraqis in the region and other provinces in Iraq, and with a total of investments that reached 3.5 billion dollars so far, which resulted in the provision of more than 20 thousand jobs directly and indirectly in the region.
This productive achievement coincides with the partners’ announcement of a series of development initiatives that would provide tremendous growth in the coming years.
In March 2025, the daily production of the “Khor Moore” field reached 525 million standard cubic feet of natural gas, representing 75% growth since 2017, in addition to 15,200 barrels per day of condensate and 1,070 tons per day of liquefied petroleum gas.
The partners announced the acceleration of the development of the “Khor Moore 250” project, which is expected to increase the production capacity of the field by 50 % by the first quarter of 2026, with funding of one billion dollars, including 250 million from the American Foundation for Development Finance.
The coalition has started a new evaluation strategy in the “Khor Moore” field to explore the opportunities to develop additional hydrocarbon sources in the field and plan for the following stages, as well as explore the “Chamgammal” field to produce up to 71 million standard cubic feet per day during the year 2026, by investing $ 160 million to dig 3 wells.
In light of these achievements, “Pearl Petroleum” is studying additional financing options as it involved DNB Markets of the DNB Bank As and Pareto Securities AS to share other financing options and manage and arrange a series of meetings with fixed income investors for a possible version of new guaranteed bonds for five years to support growth.
It is worth noting that “Pearl Petroleum coalition” was founded in 2009, and initially included “Dana Gas” and “Crescent Oil” as partner operators with a 35% stake for each of them, then joined them “or MV Its impact is adult and tangible on the economy, society and the environment in the region.
The percentage of local workers in Pearl Petroleum teams reached about 80 %, including at the management level, which supports the region’s economy and greatly improves its activity.
The clean natural gas produced by the project in the “Khor Moore” field contributed to avoiding the emission of 59 million tons of carbon dioxide so far and reducing the total greenhouse gas emissions by more than 20% in 2024 to 200 thousand tons of carbon dioxide, and its total energy consumption decreased by 5% and the result of its total carbon density to 4.4 kg per barrier Output, which is one of the lowest levels registered across the sector.
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