Crescent, Dana boast of Kurdish production

Aug. 9, 2012 at 7:22 AM
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SHARJAH, United Arab Emirates, Aug. 9 (UPI) -- Crescent Petroleum and Dana Gas announced production at a resource field in the Kurdish north of Iraq has reached 70,000 barrels of oil equivalent per day.

Both companies started production, as joint operators, in the Khor Mor field in the semiautonomous Kurdish region of Iraq in 2008.

Production has grown to 70,000 boe per day with the help of nearly $1 billion in investments. More than 249 billion cubic feet of natural gas and 11.7 million barrels of liquids were produced since production began.

Majid Jafar, Dana board member and chief executive officer at Crescent Petroleum, said the companies were in talks with the Kurdish government on the next phase of development.

Unilateral deals with the Kurdistan Regional Government are a source of contention with Baghdad, which considers the actions illegitimate. Baghdad blacklisted some of the international oil companies that have engaged the KRG.

Both companies said natural gas production from the region helps supply power to more than 4 million people in the Kurdish north.

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