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The Emirates Crescent expects to export gas from the Kurdistan Region within 5 years
Shafaq News/ The Emirates Crescent Petroleum announced that it may start exporting gas from Kurdistan Region in less than five years after meeting local needs.
The CEO of the Emirates Crescent Petroleum and its partners in the Pearl Petroleum consortium, Majid Jaafar, said, "The possibility of exporting gas exists in the long term, as it depends on demand, of course in Turkey and Europe," noting that "the long term can be faster (than five years) depending on demand. and the pace of development, but our priority is to meet local needs first in the Kurdistan Region and the rest of Iraq.”
Pearl Petroleum, a consortium led by Dana Gas and Emirates Crescent, is developing the Khor Mor field in a two-phase expansion phase aimed at increasing total production to around 1 billion cubic feet per day from around 440 million cubic feet per day.
In September, the consortium signed a $250 million financing agreement with the US International Development Finance Corporation to assist in the expansion of Mor Creek. The first 250 million cubic feet per day project will be operational in April 2023, with a delay of about a year due to COVID-19 restrictions in 2020. The second 250 million cubic feet per day project may start in less than two years after the current project.
"We have determined that the local market within the Kurdistan Region of Iraq exceeds 1 billion cubic feet per day," Jaafar added, "There has been interest from the federal government in Iraq to buy gas from Khor Mor, whether in the short or long term. But our immediate priority is It is to meet the needs within the Kurdistan Region of Iraq and then of course it is likely to be the rest of Iraq."
He pointed out that "the gas sales agreement for the second phase has not yet been signed, but it is likely that it will go to the Kurdistan Regional Government, or the Kurdistan Regional Government, and other industrial consumers in the region, including cement factories that burn fuel oil."
Jafar pointed out that "the company is looking for how to start an early production scheme there, and we are in talks with the Kurdistan Regional Government, which wants to buy this gas, and that may be 80 million cubic feet per day," noting that "the project options are being discussed to obtain some production." Early in less than two years, maybe in a year and a half, it can build up."
Jaafar stressed that "there are oil potentials in the two fields (Khor Mor and Chamchamal)," explaining that "we are still in the early stage, and there is still a lot to be done in the Khor Mor and Chamchamal oil."
In April 2007, Dana Gas and Crescent Petroleum entered into an agreement with the Kurdistan Regional Government regarding the exclusive rights to evaluate, develop, produce, market and sell petroleum from the Khor Mor and Chemchemal fields in the region. The other shareholders of the Pearl Consortium are OMV, MOL and RWE with a 10% stake each.
Al-Hilal also won in 2018 three patches in Iraq, one in the oil-rich Basra region and two in Diyala province, but the agreements have not yet been signed due to the successive government change, and the control of the Islamic State organization over large areas of Diyala, located northeast of the capital, Baghdad, during the war 2014-2017 with Iraqi forces.
Jaafar said, "We are ready to implement these projects. We were able to produce gas within a year, in our estimation, starting from 200 million cubic feet per day from Diyala," noting that "we do not understand the reason for the delay. While Iraq lost more than 3 billion dollars from the delay." not to sign these contracts.
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The CEO of the Emirates Crescent Petroleum and its partners in the Pearl Petroleum consortium, Majid Jaafar, said, "The possibility of exporting gas exists in the long term, as it depends on demand, of course in Turkey and Europe," noting that "the long term can be faster (than five years) depending on demand. and the pace of development, but our priority is to meet local needs first in the Kurdistan Region and the rest of Iraq.”
Pearl Petroleum, a consortium led by Dana Gas and Emirates Crescent, is developing the Khor Mor field in a two-phase expansion phase aimed at increasing total production to around 1 billion cubic feet per day from around 440 million cubic feet per day.
In September, the consortium signed a $250 million financing agreement with the US International Development Finance Corporation to assist in the expansion of Mor Creek. The first 250 million cubic feet per day project will be operational in April 2023, with a delay of about a year due to COVID-19 restrictions in 2020. The second 250 million cubic feet per day project may start in less than two years after the current project.
"We have determined that the local market within the Kurdistan Region of Iraq exceeds 1 billion cubic feet per day," Jaafar added, "There has been interest from the federal government in Iraq to buy gas from Khor Mor, whether in the short or long term. But our immediate priority is It is to meet the needs within the Kurdistan Region of Iraq and then of course it is likely to be the rest of Iraq."
He pointed out that "the gas sales agreement for the second phase has not yet been signed, but it is likely that it will go to the Kurdistan Regional Government, or the Kurdistan Regional Government, and other industrial consumers in the region, including cement factories that burn fuel oil."
Jafar pointed out that "the company is looking for how to start an early production scheme there, and we are in talks with the Kurdistan Regional Government, which wants to buy this gas, and that may be 80 million cubic feet per day," noting that "the project options are being discussed to obtain some production." Early in less than two years, maybe in a year and a half, it can build up."
Jaafar stressed that "there are oil potentials in the two fields (Khor Mor and Chamchamal)," explaining that "we are still in the early stage, and there is still a lot to be done in the Khor Mor and Chamchamal oil."
In April 2007, Dana Gas and Crescent Petroleum entered into an agreement with the Kurdistan Regional Government regarding the exclusive rights to evaluate, develop, produce, market and sell petroleum from the Khor Mor and Chemchemal fields in the region. The other shareholders of the Pearl Consortium are OMV, MOL and RWE with a 10% stake each.
Al-Hilal also won in 2018 three patches in Iraq, one in the oil-rich Basra region and two in Diyala province, but the agreements have not yet been signed due to the successive government change, and the control of the Islamic State organization over large areas of Diyala, located northeast of the capital, Baghdad, during the war 2014-2017 with Iraqi forces.
Jaafar said, "We are ready to implement these projects. We were able to produce gas within a year, in our estimation, starting from 200 million cubic feet per day from Diyala," noting that "we do not understand the reason for the delay. While Iraq lost more than 3 billion dollars from the delay." not to sign these contracts.
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