Dana Gas, Crescent Petroleum, and their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached 500 million barrels of oil equivalent (Mmboe).

 

 The Khor Mor plant provides fuel for 75% of the Kurdistan Region of Iraq's electricity generation, enabling affordable power for over 6 million Iraqis. With total investment exceeding $3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region.

 

Daily production from Khor Mor reached 525 MMscfd of natural gas, a 75% growth since 2017. 

 

The KM-250 project, which promises to boost capacity by a further 50%, has accelerated its completion to Q1 2026. Progress on the $1 billion expansion project, including $250 million in financing from the US Development Finance Corporation (DFC), has advanced through fast-track simultaneous project construction and commissioning activities.

 

The consortium has also begun work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. The Chemchemal Cretaceous reservoir is being appraised, with the partners committing $160 million to drill three wells, install an extended well test facility, and construct associated enabling infrastructure.

 

Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange fixed-income investor meetings. A new senior secured bond issue with a tenor of 5 years may follow, used to finance near-term growth opportunities and general corporate purposes.

 

Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, “We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.”

 

Richard Hall, CEO of Dana Gas, added, “The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company.-TradeArabia News Service