Dubai: The UAE energy firm Dana Gas confirmed there have been no disruptions at its Khor Mor Block in Kurdistan Region of Iraq from a rocket attack.
“There were no injuries or damages - Production operations continue as normal without interruption,” the company, one of the region’s biggest names in the privately-owned energy space, said in a statement on ADX. The rockets had landed in the Block operated by the company yesterday (October 12).
Dana Gas, which also operates fields in Egypt, had seen a welcome return to growth and profits in the first-half financials, helped by favourable trends washing over the global energy industry. It had also announced increased dividends.
The share has taken a slight dip early Thursday after the statement was issued, trading at 0.92.
"To date, all of the gas produced by PPCL has been used for in-country power generation, providing affordable electricity in the KRI.
"In addition, the Khor Mor processing plant produces natural gas liquids (NGL or gas condensate) and LPG, which are sold to the KRG and local traders. Initially, the Khor Mor plant produced around 300 million standard cubic feet per day."
Early entry into KRI
The Kurdistan Region operations are quite central to Dana Gas operations. Gross gas production for the company from there total 309 mmscfpd, while the condensate output is at 13 billion barrels a day.
The company website says the Kurdistan Gas Project was established in 2007, when ‘Dana Gas and Crescent Petroleum entered into an agreement with the Kurdistan Regional Government (KRG) for exclusive rights to appraise, develop, produce, market, and sell hydrocarbons from the Khor Mor and Chemchemal fields’.
“Production from the gas processing plant in Khor Mor and the 180 km pipeline supplies gas to power stations in Chemchemal, Bazian and Erbil now generating over 2000 MW of electricity.
“Production from these newly built facilities began in October 2008 within 15 months from project initiation, an industry record.”
In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders (initially 50 per cent and now at 35 per cent each), since when OMV, MOL, and RWE have joined, purchasing a 10 per cent share each.