Sharjah, UAE, fifth April 2025, Dana Fuel, the Center East’s main publicly listed regional pure gasoline firm, and its accomplice Crescent Petroleum, the oldest non-public oil & gasoline firm within the Center East, along with their companions within the Pearl Petroleum Consortium have introduced that cumulative manufacturing from Khor Mor, Iraq’s largest non-associated gasoline discipline, has reached500 million barrels of oil equal (Mmboe), highlighting the extent of growth and development from the Khor Mor discipline within the Kurdistan Area of Iraq (KRI) since 2008.
The Khor Mor plant operated by the businesses gives thegas for round 75% of the KRI’s electrical energy technology, enabling inexpensive energy for greater than 6 million Iraqis within the KRI and different governorates of Iraq. With complete funding thus far exceeding US$3.5 billion, the operations have created greater than 20,000 direct and oblique jobs within the area.
This manufacturing milestone coincides with the announcement of a sequence of growth initiatives enabling appreciable future development.
The firms introduced that each day manufacturing from Khor Mor in early March reached 525 MMscfd of pure gasoline, a development of 75% since 2017, along with 15,200 b/d of condensate, and 1,070 t/d of LPG.
The companions additionally introduced that growth of the KM-250 challenge, which guarantees to spice up capability by an additional 50%, has accelerated the anticipated completion to Q1 2026. Progress on the US$1 billion growth challenge, which includesUS$250 million in financing from the US Improvement Finance Company (DFC), has superior in current months via quick–observe simultaneous challenge development and commissioning actions, enabling the corporate to minimize the total challenge schedule by a number of months.
Building on the potential of the Khor Mor discipline, the consortium has additionally commenced work on an appraisal technique to unlock Khor Mor’s further important hydrocarbon potential and plan the subsequent phases of the discipline’s growth.
Constructing on the immense potential of the Chemchemal discipline, the Pearl Petroleum companions additionally introduced graduation of actions to appraise the Chemchemal Cretaceous reservoirand initiate manufacturing of up to 71 MMscfd throughout 2026. The companions have committed US$160 million to drill three wells, set up an prolonged nicely check (EWT) facility, and assemble related enabling infrastructure.
In mild of these current achievements and progress, Pearl Petroleum is contemplating additional financing choices and has engaged DNB Markets, a part of DNB Financial institution ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to rearrange a sequence of fixed-income investor conferences. Topic to market circumstances and acceptable phrases, a brand new senior secured bond situation with a tenor of 5 years might comply with. The proceeds will probably be used to finance these near-term development alternatives and for normal company functions.
Commenting on the bulletins, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Fuel, mentioned, “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 Corridor, CEO of Dana Fuel, 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.”