By Arif Sharif and Ayesha Daya
Oct. 5 (Bloomberg) -- Dana Gas PJSC, a United Arab Emirates-based oil and natural gas producer, started natural-gas production with partner Crescent Petroleum in Iraq's Kurdish region.
Dana and Crescent, which began processing gas and transporting it through a pipeline yesterday, are equal partners in the $650 million project, the company said in an e-mailed statement yesterday.
Gas production will increase to 300 million cubic feet a day in the first half of next year from the current 75 million cubic feet. The gas will be used to power new electricity plants near Erbil and Sulaimaniya, providing 1,250 megawatts for more than 4 million people, according to the statement.
Crescent owns 20.4 percent of Dana Gas, and both companies are headed by Iraqi born Hamid Jafar.
To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.netAyesha Daya in Dubai adaya1@bloomberg.net
Sunday, October 5, 2008
Dana, Crescent Start Gas Production in Iraq Kurdistan
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