SULAIMANI, Kurdistan Region – Crescent Petroleum and Dana Gas, alongside the Pearl Petroleum Consortium, have surpassed 500 million barrels of oil equivalent (MMboe) production over nearly two decades from the Khor Mor gas field in the Kurdistan Region, located in Sulaimani’s Chamchamal district. The field supplies 75% of Region’s electricity, benefiting over six million people.
In a joint statement, the giants announced that a KM-250 expansion project, now set for completion in Q1 2026, will boost capacity by over 50%. The $1 billion project, backed by $250 million from the US Development Finance Corporation, is advancing rapidly.
Additionally, the companies are investing $160 million in the Chemchemal field, aiming for initial production of up to 71 million standard cubic feet per day (MMscfd) in 2026.
To fund these initiatives, Pearl Petroleum is exploring financing options, including a potential five-year senior secured bond.
Pearl Petroleum has also reduced greenhouse gas emissions by over 20% in 2024 and continues efforts towards carbon neutrality. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, called the developments “an exciting new chapter” for Pearl Petroleum and for the Region’s energy sector and economy.
Dana Gas CEO Richard Hall added, “The KM-250 completion, which we are now confident of accelerating to Q1 2026, will transform our business, enabling the next major phase of expansion.”