Dana Gas and Crescent Petroleum resume Khor Mor expansion project
2 hours ago Current production at the Khor Mor field is 440 million cubic feet per day of natural gas.
Dana Gas, the Middle East’s leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the COVID pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor.
Current production at the field is 440 million cubic feet per day of natural gas as well as 15,700 barrels per day of condensate and 1,020 tonnes of liquified petroleum gas (LPG), or a total of 110,400 barrels of oil equivalent (boe) per day. This makes it the largest overall producer in Kurdistan Region of Iraq - and the largest private sector upstream gas operation in Iraq.
Under a gas sales agreement signed in March 2019 with the Ministry of Natural Resources, Pearl Petroleum will sell the additional quantities of gas to supply the power stations. Over 80 per cent of the region’s curreny electricity generation is enabled by the gas produced by the companies.
Dana Gas and Crescent Petroleum resume Khor Mor expansion project
SHARJAH, 4 hours, 45 minutes ago Dana Gas and its partner Crescent Petroleum have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the Covid pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor.
Global oil demand is under pressure, creating concerns that the world has reached peak oil.
In 2019, global oil demand totaled about 100 million barrels per day, double 1970 levels. Over the past 50 years, the global oil market has cycled through several highs and lows in the oil price. The most recent major low was in response to COVID-19 lockdowns and cutbacks to air travel around the world.
By the fall of 2020, continued downward pressure on oil demand led the International Energy Agency (IEA) to issue a dire report about the state of the global oil industry.
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The last year has seen an unprecedented fall in global oil demand and investment following the COVID-19 pandemic and resulting movement restrictions worldwide, leading some to forecast an end to oil demand growth and an acceleration of a transition away from oil & gas, says Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas. Though we are still in the pandemic and with most of the developed world in lockdowns, oil prices have recovered to $55, and oil demand shows steady and solid recovery, with the exception thus far of the aviation sector. And the vaccination campaigns now well underway worldwide hold the promise of a quicker return to normality and pre-crisis levels, he explains