Dana Gas and Crescent Petroleum celebrated Tuesday five years of continuous production in the Kurdistan Region of Iraq.
As joint operators of the Khor Mor field, the two companies are currently producing an average of 80,000 barrels of oil equivalent per day (boepd). With a total investment of $1.1 billion and total cumulative production of close to 100 million barrels of oil equivalent, the firms pointed out that this represents the largest investment in the Kurdistan region as well as the greatest amount of production.
Daily production includes 335 million cubic feet of gas per day and 14,100 barrels of condensate, according to Dana and Crescent. A maximum production rate of 87,700 boepd was also achieved. In total, more than 402 billion cubic feet of gas and 20 million barrels equivalent of liquids have been produced by the companies since the start of production in October 2008
The firms added that their operations have ensured almost continuous power supply for four million people in the Kurdistan region, in contrast to the electricity crisis that exists elsewhere in Iraq.
Majid Jafar, Crescent Petroleum CEO and managing director of the board of Dana Gas, commented in a statement:
"We are proud to be the largest investors in the Kurdistan Region's oil and gas sector, and the highest petroleum producers since our first production five years ago, which enables electricity supply for millions of citizens, transforming the development of the region and providing billions of dollars of ongoing fuel savings for the Kurdistan Regional Government."
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