70,000 barrels a day of oil production and Dana gas in Kurdistan, Iraq

2012-08-10



Baghdad/continue/JD... Crescent Petroleum announced, private sector company in the oil and gas, and its partner, Dana gas first private sector companies involved in natural gas, which are run in a field partner khormor, the total production of major operations in the area of gas in the Kurdistan region of Iraq has risen steadily for up to 70,000 barrels of oil equivalent per day, with a total investment of close to $1 billion.

Production includes 330 million cubic feet of gas per day and 15,000 barrels of condensate liquid per day, and the two companies are planning for further expansion.

The two companies produced more than 249 billion cubic feet of gas and 11.7 million barrels of condensate liquid since the beginning of production in October 2008. And gas supply to the local power stations which are generating additional 1,750 megawatts of electricity.

Which provided electricity to about 4 million people in the Kurdistan region of Iraq, compared to the electricity crisis afflicting other parts of Iraq, and allowed the Government to provide billions of dollars in fuel cost, plus the distinctive environmental benefits of reducing pollution and reduce emissions of gases that cause global warming and simultaneously switch the economic and social environment.

The greatest investors

Majid Jafar, CEO of Crescent petroleum and Dana gas Board Member: proud to be the largest investors in the oil and gas sector in the Kurdistan region. We already contribute to many economic and social benefits for the people of Kurdistan to the people of Iraq, especially with regard to improving the provision of electricity. "

He added: "we are in the process of discussions with the Ministry of natural resources of the Kurdistan Regional Government Iraq regarding the next phase of development and expansion to be able to achieve greater progress and prosperity for the community."

Rashid jarwan, Executive Director gave Dana gas: come to this important phase as a result of the Kurdistan Regional Government cooperation and support, as well as support by our partners and contractors working with us and local staff. Producers now receive payments regularly, we are also working with the Kurdistan Regional Government to improve the situation of outstanding receivables and resolution ".

Resettlement programme

During the period of construction, the project provided employment to more than 2,000 Iraqis from all ethnicities and denominations, supported by staff from more than 20 countries from around the region and the world. The two companies have been successful in the implementation of the resettlement programme, with local employment in their 80% at the end of 2011.

The Crescent petroleum and Dana gas is also implementing a programme for the application of the social responsibility of the company to support local communities through the provision of school supplies, and drinking water treatment, providing generators to provide electricity to the villages local 24 hours and provide mobile treatment units, facilities for sports are open to young people. These initiatives are helping local communities to improve the standard of living

Health and well-being, security and stability, and the development of human capital in the Kurdistan region.

Investments

Invest partners until the end of March 963 million dollars under the contracts signed with the Kurdistan Regional Government about khormor and Chamchamal in April 2007. Include the project's achievements to date, gas pipeline with a length of 180 km through mountainous area after you remove minefields; start of production of gas after only 16 months successfully drilling to reach the reservoir at a depth of 2,300 m, import and installation of more than 64,000 tons of equipment to load 3500 truck, in addition to import State-of-the-art plant for processing gas from the United States. /finished/Baya