Dana Gas and its partner Crescent Petroleum, alongside other members of the Pearl Petroleum Consortium, have announced that cumulative output from the Khor Mor field— the largest non-associated gas field in Iraq—has surpassed 500 million barrels of oil equivalent (MMboe). This marks a major milestone in the field’s ongoing expansion since operations began in the Kurdistan Region of Iraq (KRI) in 2008.
The Khor Mor facility, operated by the consortium, currently supplies fuel for approximately 75% of electricity generation in the KRI, benefitting over 6 million people across the region and neighbouring governorates. With investments exceeding USD 3.5 billion, the project has also created more than 20,000 direct and indirect jobs.
This achievement aligns with the launch of further development plans to sustain and enhance output. As of early March, daily production reached 525 MMscfd of natural gas—up 75% since 2017—alongside 15,200 barrels per day of condensate and 1,070 tonnes per day of LPG.
The KM-250 expansion project, set to increase capacity by 50%, is now scheduled for completion in Q1 2026. Progress on the USD 1 billion development—partly financed by a USD 250 million facility from the US Development Finance Corporation—has accelerated due to fast-tracked construction and commissioning.
Further exploration work has begun to evaluate Khor Mor’s wider potential, while parallel efforts have started at the Chemchemal field, where up to 71 MMscfd of gas is targeted for production by 2026, backed by a USD 160 million investment.
Pearl Petroleum is now assessing additional financing and has appointed DNB Markets and Pareto Securities to lead a series of fixed-income investor meetings, with a potential five-year bond issue under consideration.
The consortium continues to support economic growth, environmental progress, and carbon-neutral operations across the region.
