Dana Gas, Crescent Petroleum Kurdistan Investment Crosses $1bn

Dana Gas and Crescent Petroleum have announced that their total investment in gas operations in the Kurdistan Region of Iraq has exceeded $1 billion.

Daily production reached a peak rate of 88,000 barrels oil equivalent per day (boepd), averaging 80,000 boepd, which includes 340 million cubic feet of gas per day and 15,000 barrels per day of condensate liquids.

Total investment by the partners until end of February 2013 stood at $1,004 million, since entering into agreements with the Kurdistan Regional Government for the Kor Mor and Chemchemal blocks in April 2007, and there are plans for further expansion in investment and production levels, under discussion with the Ministry of Natural Resources, Dana Gas said in a statement.

In total, more than 375 billion cubic feet of gas and 16.5 million barrels of condensate and liquids have been produced by the companies since the start of production in October 2008.