Dana Gas, Crescent to Boost Gas Output in Kurdish Iraq by 50%
DUBAI (Dow Jones Newswires), Oct. 5, 2010
Dana Gas said Tuesday it would boost production capacity at its gas project in Iraq's Kurdistan region jointly developed with Crescent Petroleum by 50% within two years.
Production capacity from the project is expected to rise to 300 million cubic feet a day of natural gas by 2012, with condensate and liquid petroleum gas output to reach 14,000 barrels a day and 1,000 tonnes a day respectively by that time, Dana Gas and Crescent said in a joint emailed statement.
Dana Gas and Crescent Petroleum are developing the gas project in Kurdish Iraq in partnership with Austria's OMV AG and Hungary's MOL. Privately-held Crescent Petroleum, also U.A.E.-based, holds a stake in Abu Dhabi bourse-listed Dana Gas.
The consortium so far has invested as much as $850 million in the project, which presently has production capacity of 200 million cubic feet a day of gas. The gas output feeds two power stations at Erbil and Chemchemal with a combined capacity of 1,250 megawatts.
"The investment by the companies is the largest energy investment in Iraq today and has already delivered tangible benefits for the people of the Kurdistan Region and all of Iraq in terms of enabling electricity supply and fuel cost savings," said Majid Jafar, executive director of Crescent Petroleum and a member of the Dana Gas board.
Dana Gas shares closed down 1.2% at 0.82 U.A.E. dirhams ($0.22) on the Abu Dhabi bourse Tuesday.
Copyright (c) 2010 Dow Jones & Company, Inc.
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