Dana Gas discovers new oil in Kurdistan, Iraq

Dana Gas has discovered more than 50 million gross oil reserves in the Khor Mor field in Kurdistan region of Iraq fields.

The company noted that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum’s Khor Mor and Chemchemal fields in the Kurdistan Region of Iraq have increased by 10%, following the recent certification of reserves by Gaffney Cline Associates (GCA).

Prepared by GCA on behalf of Pearl Petroleum, the audit report showed that the total share for Dana Gas is equivalent to 1,087MMboe, up from 990MMboe when GCA first certified the fields in April 2016.

GCA’s recent report confirmed that Dana Gas’ share of the Khor Mor and Chemchemal 2P reserves was 4.4tcf gas, 136 MMbbls condensate, 13.3 million metric tonnes of LPG and 18 MMbls of oil, the equivalent of 1,087MMboe.

With an increase of one billion barrels of oil equivalent, the fields located in Kurdistan are the largest gas fields in Iraq.

Dana Gas CEO Patrick Allman-Ward said: “The Gaffney Cline report has independently confirmed Dana Gas’ 2P reserves in our Kurdistan Region of Iraq assets at over one 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.

“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 this year, Pearl Petroleum signed a gas sale agreement with the Kurdistan Regional Government for the production and sale of an additional 250MMscf/d of gas.

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