"Crescent Oil" and"Dana Gas" They increase the production capacity of Khor Mor field by 50%
Sharjah, 15 October / WAM / Crescent Petroleum, in cooperation with Dana Gas PJSC, based in Sharjah, announced the start of commercial sales of gas from the “Khor Mor 250” expansion project at the Khor Mor facility in the Kurdistan region of Iraq.
The Khor Mor 250 project was completed eight months before its deadline specified in the revised schedule, and will add about 250 million standard cubic feet per day to the processing capacity, i.e. a 50% increase over the current capacity, bringing the total capacity of the Khor Mor field to 750 million standard cubic feet per day.
This additional energy will contribute to meeting the rapidly growing demand for electricity in Iraq by pumping large quantities of clean natural gas, enhancing power generation capabilities and supporting industrial growth in the Kurdistan region of Iraq, thus consolidating the regional government’s “Ronaki” initiative aimed at providing electricity around the clock, in addition to improving energy supplies to the rest of Iraq.
The project’s total investments amounted to 1.1 billion US dollars, with financing support from the Bank of Sharjah and the United States Development Finance Corporation (DFC), in addition to the proceeds of Pearl Petroleum’s bonds issued in 2024, amounting to 350 million US dollars, listed on the Scandinavian bond markets (Nordic ABM).
At its peak, the project provided more than 10,000 direct and indirect job opportunities, used more than 6,000 tons of steel, and took more than 6.2 million working hours, making it one of the largest infrastructure projects implemented by the private sector in Iraq in recent years.
Majeed Hamid Jaafar, CEO of Crescent Petroleum and Managing Director of the Board of Directors of Dana Gas, said that the completion of the Khor Mor 250 project before its scheduled date is a pivotal achievement for Crescent Petroleum, Dana Gas and the rest of the partners in the Pearl Petroleum consortium, and is the best evidence of a firm commitment to the Kurdistan region of Iraq to invest in the enormous energy resources it enjoys.
For his part, Richard Hall, CEO of Dana Gas, said that the completion of the Khor Mor 250 station is a milestone in the company’s journey, pointing out that the additional energy supply it provides enhances the company’s production capabilities and its ability to achieve growth.
The gas produced from the Khor Mor 250 project will contribute to meeting the growing energy demand in the Kurdistan region of Iraq and throughout the country. The new facility will produce about 7,000 barrels of condensate and 460 tons of liquefied petroleum gas per day, enhancing the current daily production of 15,200 barrels of condensate and 1,070 tons of liquefied petroleum gas.
The facility includes the latest technological innovations in the field, including monitoring tools supported by artificial intelligence, high-efficiency compressors, and modern technologies to remove sulfur and other pollutants from gas, which increases operating efficiency and reduces environmental impact.
With the Khor Mor 250 project entering the operating phase, the two companies are now focusing on the next phase, which includes further evaluation and expansion work in the Khor Mor field and continuing progress in the Chamchamal field to provide additional gas resources that will benefit the region and Iraq as a whole.
It is noteworthy that the “Pearl Petroleum” consortium was established in 2009, consisting of “Dana Gas” and “Crescent Petroleum” as the operating partners with a share of 35% each, and they were later joined by companies “OMV”, “MOL” and “RWE” with a share of 10% each.
Pearl Petroleum supplies four major stations with natural gas to generate electricity in the Kurdistan region of Iraq, meeting more than 80% of the region’s electrical energy needs, directly benefiting the lives of more than six million people.
The company reduced total greenhouse gas emissions by more than 20% in 2024 to reach 200 kilotons of carbon dioxide equivalent, and overall energy consumption decreased by 5%, bringing the total carbon intensity to 4.4 kg of carbon dioxide equivalent per barrel of oil equivalent, which is among the lowest rates in the sector, while offsetting remaining emissions. To achieve carbon neutrality in all operations.
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