Amid industry concern that gas projects are struggling to secure investment due to activist pressure (MEES, 24 September), one sizeable project in Iraq’s Kurdistan Region has bucked the trend. The UAE’s Dana Gas and Crescent Petroleum operate Kurdistan’s 440mn cfd Khor Mor gas field on behalf of the Pearl Petroleum consortium and are working to expand capacity to 690mn cfd by April 2023.
Earlier this month, Pearl signed a $250mn financing agreement with the US International Development Finance Corporation for the expansion. All told, Pearl has raised $630mn, with the remainder “secured through a regional bank facility and the EPC contractor.” (CONTINUED - 172 WORDS)
