The UAE Dana Gas Company said that the Khormore gas processing plant field in the Kurdistan region of Iraq, which is affiliated with the Pearl Petroleum consortium, is setting a record rate of gas production.
According to the company's statement to the Abu Dhabi Securities Exchange, today, Wednesday, the field production reached an average of 418 million standard cubic feet per day, and this was recorded last Wednesday, corresponding to the 18th. November 2020.
Dana Gas recorded an annual increase in its production rate in the Kurdistan region of Iraq during the third quarter of 2020, by 6%, to reach 32400 barrels of oil equivalent per day.
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The CEO of the company Petrick Allman Ward indicated that despite the postponement of the project to build the first new gas processing lines, which has a production capacity of 250 million standard cubic feet of gas per day Following the closure of borders and imposing restrictions on movement and travel following the outbreak of the Coronavirus, the company expects to resume field construction work within the next few weeks.
As Ward indicated, it is expected that gas production will start from the first gas processing lines in the first quarter of 2030, indicating that the company is working hard to find alternatives that Enables it to start production before this date.
This project is expected to add between $ 175-200 million annually to Dana Gas' revenues upon completion and start of gas production.
Dana Gas had turned into a loss in the first nine months of this year, at a value of 1.39 billion dirhams, compared to the profits for the same period in 2019 of 521 million dirhams.
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