Special to WorldTribune.com

ABU DHABI — Two companies from the United Arab Emirates have
invested nearly $1 billion to develop energy assets in Iraq’s Kurdistan.

The UAE-based Dana Gas and Crescent Petroleum reported investing $963 million in the autonomous Kurdish region of northern Iraq by July. The two companies said they plan to expand exploration and development in crude oil and natural gas in cooperation with the Kurdish Regional Government.

“We are in discussions with the KRG Ministry of Natural Resources on the next phase of development and expansion, to grow our operations and enable further progress and prosperity for the local community,” Crescent chief executive officer Majid Jafar said on Aug. 8.

So far, Dana and Crescent reported production of more than 249 billion
cubic feet of gas and 11.7 million barrels of condensate in Kurdistan since
2008. The statement said production from the Kor Mor Field reached 70,000
barrels of oil equivalent a day.

  Crescent Petroleum, Dana Gas, Gulf firms invest $1 billion in Kurdistan energy deals, Kor Mor Field, KRG Ministry of Natural Resources