Dana Gas said in a statement on Wednesday, March 6, that the agreement would enable the production and sale of an additional 250 million standard cubic feet per day (MMscf/day).
Dana Gas added that the consortium aimed to produce that amount by 2021 as part of their expansion plans in the Kurdistan Region and to boost much needed domestic electricity generation, NRT added.
The agreement was signed on February 19 by KRG Minister of Natural Resources Ashti Hawrami and CEO of Crescent Petroleum and Board Managing Director of Dana Gas Majid Jafar, according to the statement.
“This gas sales agreement opens a new chapter in the expansion of the Kurdistan Gas Project that will see a further investment of over $700 million in coming years to expand production up to 900 MMscf/day, further fueling the Region's economic growth and development. We look forward to developing the significant resources from these important fields, for the benefit of the Kurdistan Region and all of Iraq,” Jafar said.
The KRG minister of natural resources said the agreement is a step forward for the KRG because it delivers improved services to the Kurdistan Region’s people through enhanced electricity generation from the increase in gas production.
“The Kurdistan Region holds significant reserves of gas and the KRG is committed to playing a positive role in the growing gas and electricity needs of Iraq and the Region,” Hawrami added.
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