Dana Gas, one of the largest private natural gas companies in the region, and Crescent Petroleum, its affiliate, said gas production from their operations in the Kurdistan region of Iraq surged 50 percent compared to 2018 levels to reach a record 452 million cubic feet of gas per day (MMscf/d) at the end of 2021.
The growth in production is supported by a number of process improvements at the gas plant in Iraqi Kurdistan, including a bypass project completed in 2020 as well as a de-bottlenecking program earlier in 2018, the two companies said in a joint statement on Wednesday.
“Our continued investments since 2018, notably the Khor Mor de-bottlenecking and bypass projects, have allowed us to deliver reliable supplies of clean energy to support the KRI economy and its people, with enhanced economic and environmental benefits which will increase as we further grow production,” said Patrick Allman-Ward, chief executive of Dana Gas.
Dana Gas and Crescent Petroleum jointly operate the Khor Mor and Chemchemal gas fields on behalf of the Pearl Petroleum consortium, supplying gas that is used to generate electricity in the KRI. It also produces nearly 16,000 barrels of condensate and 1,000 tonnes of liquefied petroleum gas per day.
Global oil and gas investments are expected to increase more than 4.3 percent annually to reach $628 billion this year as the industry recovers from the pandemic and from the hurdles posed by the Omicron variant, consultancy Rystad Energy said in a recent report.
Brent, the international benchmark under which two-thirds of the world’s oil trades, was up 0.7 percent at 1.11pm UAE time trading at $84.31. West Texas Intermediate, which tracks US crude prices, was trading 0.9 percent higher at $81.95.
Dana Gas payments from Egypt and Kurdistan jumped 107 percent in 2021 on higher oil prices, the company said last week. Oil prices rose more than 50 percent last year as global economies recovered from the Covid-19 pandemic and Opec+ group of countries restrained production.
Read full articles(reference): https://www.thenationalnews.com/business/energy/2022/01/12/dana-gas-and-crescent-petroleum-post-50-jump-in-gas-production-in-iraqi-kurdistan/