Pearl Petroleum has signed a 20-year gas sale agreement with the Kurdistan Regional Government for the facilitation of the production and sale of an additional 250MMscf/d of gas
UAE-based independent natural gas company Dana Gas has announced that its share of the proved and future hydrocarbon reserves have increased by 10% in Khor Mor and Chemchemal Fields Kurdistan Region of Iraq (KRI).
The company’s share has been increased at the Pearl Petroleum’s fields following the recent certification of reserves by Gaffney Cline Associates (GCA).
An independently audited report prepared by Gaffney Cline on behalf of Pearl Petroleum showed that the total share for Dana Gas is equivalent to 1,087 million barrels of oil equivalent (MMboe), up from 990MMboe, in April 2016.
The report confirms that the fields located in the KRI are expected to be the biggest gas fields in the whole of Iraq, and the reserves are supported partly by the booking of oil reserves in the Khor Mor Field for the first time.
Share of Dana in the Khor Mor and Chemchemal 2P reserves
Dana Gas said that the GCA’s most recent report confirmed that its share of the Khor Mor and Chemchemal 2P reserves was 4.4 trillion cubic feet gas, 136 million barrels of condensate, 13.3 million metric tonnes LPG and 18MMbls of oil, which makes it equal to 1,087MMboe.
Dana Gas CEO Patrick Allman-Ward said: “The Gaffney Cline report has independently confirmed Dana Gas’ 2P reserves in our KRI assets at over 1 billion barrels of oil equivalent and our belief that the Khor Mor and Chemchemal Fields will most likely be the biggest gas fields, not just in the Kurdistan Region Iraq, but the whole of Iraq, making them world-class assets.
“It is also satisfying to see that our auditors have formally booked oil reserves for the first time in Khor Mor. We believe that this is just the tip of the iceberg confirming our estimate of oil resource potential of over 7 billion barrels.
“These additional resource declarations will underpin our future development plans which will provide a reliable source of energy to meet the needs of electricity generation as well as industrial development in the region.”
Earlier, Pearl Petroleum signed a 20-year gas sale agreement with the Kurdistan Regional Government for facilitating the production and sale of an additional 250MMscf/d of gas.
The expansion plan of Pearl Petroleum is expected to help increase to 650MMscf/day in 2022, and later to 900 MMscf/day by 2023 from the current 400 MMscf/day.