Dana Gas announced that it has recorded a record rate of gas production from the Khor Mor gas processing plant in the Kurdistan region of Iraq of the Pearl Petroleum consortium at a rate of 430 million standard cubic feet per day On 15 December 2020.
According to the company’s statement in the Abu Dhabi market, the average gas production during the last quarter of 2020 reached 400 million cubic feet per day, an increase of 8% compared to the same period of the year 2019.
The company also announced the resumption of expansion work in the project to establish the first gas processing lines, which has a production capacity of 250 million cubic feet of gas per day, at the Khor Morb station in the Kurdistan region of Iraq. The expansion work was suspended during the month of March, due to the restrictions imposed by the outbreak of the Covid-19 pandemic.
and all parties involved in the project are fully committed to implementing this project as quickly as possible while maintaining the highest levels of safety and security. Dana Gas expects to complete the construction work and start producing gas in the first quarter of 2023, and the company is also looking into options available to reduce the schedule for this project.
and under the commitment of the Kurdistan Regional Government of Iraq to review the bills due from December 2019 to February 2020, totaling $ 30 million that were not paid on time. Dana Gas indicated that Pearl Petroleum has received a proposal from the regional government to pay all arrears during 2021 with Brent crude prices exceeding the $ 50 barrier.
The Pearl Petroleum Coalition continues its constructive cooperation with the Kurdistan Regional Government of Iraq on this issue to ensure timely payment of dues. The Kurdistan Regional Government of Iraq has been making regular payments in the form of monthly payments since March 2020.
Dr. Patrick Allman Ward, CEO of Dana Gas, said: Our joint operations at Pearl Petroleum continue to set new production records while maintaining the highest levels of health and safety. Security and environment, confirming the viability of our long-term strategy to focus on developing our world-class fields in the Kurdistan Region of Iraq.
We thank the Kurdistan Regional Government of Iraq which greatly supports us, especially after it gave us the green light to resume expansion work within strict health protocols and controls. This removes a major obstacle in front of us and puts us on the path to start gas production in the first quarter of 2023. I am also pleased to announce that our average gas production in the fourth quarter has increased by 8% to 400 million standard cubic feet per day compared to the same period. From last year.
