Dubai: Pearl Petroleum, the consortium led by the UAE’s Crescent Petroleum and Dana Gas, has signed a new 20-year gas sales agreement (GSA) with the Kurdistan Regional Government, that it says will see production from its Khor More field increase by 63 per cent.

The deal will enable production and sales of an additional 250 million standard cubic feet per day (MMscf/day) by 2021, as part of Pearl Petroleum’s expansion plans in the Kurdistan Region of Iraq (KRI).

The company says this will, in turn, boost much-needed local domestic electricity generation.

In line with the Settlement Agreement reached between the parties in August 2017, this new gas sales agreement was signed on February 19, 2019, by Ashti Hawrami, Minister of Natural Resources, on behalf of the Kurdistan Regional Government, and Majid Jafar, CEO of Crescent Petroleum and board managing director of Dana Gas, on behalf of Pearl Petroleum.