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Exchange of 28 million dollars to foreign companies


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Economy News Baghdad:

Dana Gas (DANA), listed on the Abu Dhabi Financial Market, said the London International Court of Arbitration had ordered the Kurdistan Regional Government to charge $ 14.05 million for legal costs incurred by Dana Gas and its partners in the Pearl Petroleum consortium.

The company added in its statement on the market site, to oblige the Kurdistan government to bear 85% of the arbitration fees due to the Court of London in addition to the court fees and expenses until the date of 27 November 2015 worth 403.1 thousand pounds sterling.

Dana Gas and its partners are seeking compensation of at least $ 26.5 billion from the Iraqi Kurdistan government because of delays in oil and gas projects.

In May, Dana Gas and its partners filed a petition with the Federal Court in Washington over the dispute over the Pearl Petroleum project.

The London court ruled in February that the Kurdistan Regional Government had also blocked the development of Pearl Petroleum in the fields in the region.

A previous survey prepared by Mubasher that the company's receivables with the Iraqi Kurdistan government is still large by about 712 million dollars, as at the end of the first quarter of this year.

 

 

 

Views 15   Date Added 02/08/2017

 
 

 

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  • yota691 changed the title to Kurdistan issued an explanation for the compensation of Dana Gas: We recorded a great success

Urgent: Kurdistan issued an explanation for the compensation of Dana Gas: We recorded a great success

Urgent: Kurdistan issued an explanation of the compensation of Dana Gas: We recorded a great success

 

 Twilight News    

 

 one hour ago

 

 

The Ministry of Natural Resources in the Kurdistan Regional Government issued a clarification on the decision of the International Court of Arbitration, which ruled out the compensation of oil companies more than 10 million dollars.

In a statement to the Ministry of Culture, the Ministry of the Interior replied that on July 31, 2017, the Kurdistan Regional Government (KRG) received a partial ruling on the allocation of costs from the International Court of Arbitration between the Government of the Region, Dana Gas, Crescent International Limited and Pearl Petroleum Limited. 

"The arbitration is subject to confidentiality obligations under applicable law and arbitration rules, and without waiving these confidentiality obligations, the Kurdistan Regional Government is obliged to correct some public statements made by Dana Gas, which selectively select from the judgment and create a misleading and physically incomplete impression. In particular, the general statement of claimants did not state the following: 

1. The court's judgment was only a partial judgment on certain costs issues in arbitration, not a final decision on all costs (or all other outstanding matters) in arbitration. 

2. The Tribunal reduced the legal costs claimed by the claimants in millions of dollars to reflect the "success of the KRG" in defeating the claimant's claim for excess gas payments, which the claimants had estimated at more than US $ 1.3 billion. The Court concluded that these claims, which the Kurdistan Regional Government had successfully completed, were "of great economic importance". The Court also found that the discount on the costs provided by the claimants "was insufficient to reflect the success of the KRG in the issue of excess gas". 

3. The Tribunal has dismissed further significant legal costs claimed by the claimants. The Court determined that the claimants had not borne the burden of proving that these costs were recoverable properly. 

4. The Court rejected the claimant's position that it was entitled to recover 100 per cent of the fees and costs incurred by the International Civil Court and the Tribunal and then reduced the amount granted to the claimants to reflect the relative success of the KRG. 

The company, "Dana Gas" UAE, the obligation of the London Court of International Arbitration, the Kurdistan Region to pay more than 10 million dollars compensation. 

The decision concerns the costs of arbitration dated July 17, 2017 in the arbitration case between Pearl Petroleum, which includes Dana Gas PJSC, Crescent Petroleum International Limited and the Kurdistan Regional Government. 

The court ordered the KRG to pay US $ 14,046,485 for the legal costs incurred by the coalition until November 27, 2015 within 28 days, in addition to a compensation of LIBOR + 2% calculated from the date of the judgment. 

According to the decision, the territorial government will bear 85% of the arbitration fees. 

The judgment concerns the legal costs incurred by the Coalition until 27 November 2015. The legal costs incurred during the arbitration case after that date will be subject to other cost decisions, which will be issued by the Court in due course.

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  • 4 weeks later...

http://mnr.krg.org/index.php/en/press-releases/594-joint-press-release-krg-and-pearl-consortium-reach-full-and-final-settlement.

 

Joint_Press_Release_3.jpg

30TH AUGUST 2017

JOINT PRESS RELEASE

KRG AND PEARL CONSORTIUM REACH FULL AND FINAL SETTLEMENT.

 

 Settlement Agreement between Kurdistan Regional Government of Iraq (the “KRG”) and (i) Dana Gas PJSC; (ii) Crescent Petroleum Company International Limited; and (iii) Pearl Petroleum Company Limited (“Pearl”); together (the “Consortium”)

 

The KRG and the Consortium, together (the “Parties”), signed a Heads of Agreement on Khor Mor and Chemchemal fields on 4 April 2007 (the “HoA”).  Subsequently a dispute arose between them concerning certain matters under the HoA, and they referred this disputeon 21 October 2013 to an arbitration under LCIA case reference number 132527 (the “Arbitration”) for decision by an arbitral tribunal (the “Tribunal”) in London.

The Parties have mutually agreed to fully and finally settle all their differences amicably by terminating the Arbitration and related court proceedings, and releasing all remaining claims between them, including the substantial damages asserted by the Consortium against the KRG; implementing a mechanism for settlement of $2,239 million awarded by the Tribunal to date ; and proceeding with immediate further development of the HoA’s world class resources for mutual benefit as well as the benefit of the people of the Kurdistan Region and all of Iraq.

The agreed settlement highlights are as follows:

  • The KRG will immediately pay Pearl a sum of US$600 million.

  • The KRG will also immediately pay Pearl a further US$400 million to be dedicated for investment exclusively for the aforesaid further development to substantially increase production.

  • Pearl will increase gas production at Khor Mor by 500 MMscf/day, a 160% increase on the current level of production (the “Additional Gas”). The Additional Gas, together with significant additional amounts of condensate, is expected to begin production in approximately two years.

  • The balance of sums awarded by the Tribunal ($1,239 million) is no longer a debt owed by the KRG and will be reclassified as outstanding cost recoverable by Pearl from future revenues generated from the HoA areas.

  • The profit share allocated to Pearl from future revenues generated from the HoA areas are adjusted upwards to a level similar to the overall profit levels normally offered to IOCs under the KRG’s Production Sharing Contracts. This adjustment reflects the larger investment risks and costs involved in the development of natural gas resources compared to oil developments. After the recovery of costs and a return on investment by the Consortium, 78% of revenues generated from the HoA areas will be for the account of the KRG, and 22% for the account of Pearl.  

  • The Parties have clarified the Khor Mor block boundary coordinates and the KRG has awarded the Consortium investment opportunities in the adjacent blocks 19 and 20, and added these to the HoA areas, with commitments by the Consortium to make appraisal investments on these blocks, and developments if commercial oil and gas resources are found. 

  • The KRG will purchase 50% of the Additional Gas on agreed terms to boost the gas supply to power generation plants in the Kurdistan Region.  The other 50% of the Additional Gas (250 mmscf/d) will be marketed and sold by Pearl to customers within Iraq or by export, or can be sold to the KRG as well to further boost power generation within Iraq.

  • Pearl will also expand its local training and employment programs towards achieving maximum localization and content, as well as supporting local communities through its active Corporate Social Responsibility (CSR) programmes.

  • The Parties have exchanged mutual releases, waivers, and discharges in relation to all claims in relation to the Arbitration and related court proceedings.

  • The Parties have also amended and clarified the HoA language and terms, including extension of the term of the contract until 2049.

The Parties are very pleased with their settlement and and look forward to working together to maximise the full potential of the HoA areas, for their mutual benefit as well as that of the people of the Kurdistan Region and all of Iraq. Under the settlement, the people of the Kurdistan Region and Iraq will enjoy additional revenues and improved electricity supply. The Parties believe that this settlement agreement confirms to international investors that the Kurdistan Region of Iraq offers an attractive and secure environment for investment.

H.E. Dr. Ashti Hawrami, Minister of Natural Resources of the KRG, said:

«The companies’ investment and production to date has already delivered substantial benefits for the Kurdistan Region through enabling cost-effective power generation. We are delighted by the outcome of this settlement which opens a new chapter in the relationship between the parties and will take the development of the important natural gas sector to new heights.»

Mr. Majid Jafar, CEO of Crescent Petroleum and Managing Director of the Board of Dana Gas PJSC, added:

«We have always expressed our commitment to amicable resolution of matters to enable proper development of the Khor Mor and Chemchemal fields. We are pleased with this definitive agreement which follows constructive dialogue with the KRG and promises to generate significant value for all concerned. The settlement of all debts and restoration of full cooperation gives a positive outlook for further investment and full realization of the enormous resource potential of the HoA areas.»

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Thanks Englishman...This within its self is a major hurdle that needed to be claered...This is a major resource that has tremendous ramifications to providing a higher level of existence for all of Iraq...The sheer scope of potential applications that natural gas can provide to help Iraq raise its standard of living for its citizens is unparalleled....Great job....

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 lol  I didn't know that he was still around. Then again I grew up seeing Killer Kowalski and that group. I took my

son and his friends to the old Boston Garden to see Andre the Giant and that group just before the name change.

Thanks Botzwana. :)

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Economy News Baghdad:

The Kurdistan region of Iraq has reached a final and final settlement with Dana Gas and its partners for a $ 2.2 billion lawsuit in London. The semi-autonomous region will pay $ 1 billion to the UAE-based company, the two sides said.

Dana Gas and its parent company Crescent Petroleum and its partners filed a lawsuit against the Kurdistan Regional Government of Iraq before the London Court of International Arbitration in October 2013 related to their contract with the territorial government, accusing the government of paying less than their dues for the production of gas liquids.

The government of Kurdistan said the issue came amid a war against its budget and was undermined by a sharp drop in revenues as a result of lower oil prices, forcing it to postpone and restructure payments owed to its contracting parties.

Under the settlement, Kurdistan will pay $ 600 million immediately to the Pearl consortium, in which Dana Gas and Crescent Petroleum hold a 70% stake, while its Austrian partners OMV, Hungary's MOL and R The German WU has a share of 10% each.

The region will also pay another $ 400 million immediately earmarked exclusively for further Pearl development to increase production in its fields.

The remaining $ 1.24 billion will be reclassified from debt to outstanding costs recovered by Pearl from future revenues.

 

 

Views 33   Date Added 08/30/2017

 

 

 
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 SEPTEMBER 1, 2017 / 3:41 PM .

Rosneft, traders lend more to Kurdistan ahead of referendum -sources
Dmitry Zhdannikov

LONDON (Reuters) - Iraq’s Kurdistan has borrowed funds from its oil buyers including Russia’s Rosneft to help settle a $1 billion London court case, as it cleans up its finances ahead of an independence referendum.

Industry sources said the Kurdistan Regional Government (KRG) had restructured some of its existing crude export finance deals with oil buyers to raise funds to settle a long-running case with UAE-based Dana Gas and its partners.

The settlement, announced on Wednesday, is another sign that the semi-autonomous region is working on getting its finances in order ahead of a planned referendum this month seeking independence from the government in Baghdad.

Kurdistan also signed deals last week with key oil producers on its territory to clear outstanding debts.

“With debts to oil producers cleared and the litigation settled, the KRG is gearing up for the referendum on a positive note. It is obvious that it doesn’t want to carry forward any deadweight,” said an industry source who helped structure the latest deals.

Majid Jafar, managing director of the board at Dana Gas, said: “The KRG has a publicly stated goal of clearing debts with investors. By doing that they become more attractive for investors, they can develop their reserves faster and ultimately raise more capital.”

Kurdistan agreed to pay $1 billion to settle a $2.34 billion lawsuit brought by Dana and its partners in the Pearl consortium over unpaid oil liquids production. The case had run for several years until this week’s agreement.

To help raise the money, Kurdistan asked Rosneft and traders led by Trafigura to effectively restructure existing oil export pre-finance deals and defer some payments, sources said.

Rosneft declined to comment.

Trafigura confirmed that it had participated in the fund raising. “We provide ongoing support to the KRG,” it said.

Trading houses have been bankrolling Kurdistan for the past three years and have been joined this year by Rosneft, which is seeking to expand abroad and often acts as the Russian government’s foreign policy tool.

Prior to the latest round of lending, trading houses as well as Rosneft have loaned the KRG around $3 billion guaranteed by future oil sales.

Out of the $1 billion that the KRG will repay to Dana and its Pearl consortium partners, $400 million will go back to Iraq’s semi-autonomous region where the consortium agreed to increase investments to expand gas production.

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Editor Mustafa Saad - Friday 1 September

 

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Alsumaria News / Baghdad
, according to a report of the news agency " Reuters ", on Friday, that the territory ofKurdistan has borrowed money from the buyers for its oil , including company RosneftRussian to help him settle a $ billion lawsuit in London, at a time when the region is working to control public finances before the referendum On independence. 

The government has restructured some existing agreements to finance crude exports with oil buyers to raise funds to settle a long-term suit with the UAE-based Dana Gas and its partners, the report said, quoting sector sources.

 

 


The report said the settlement, which was announced on Wednesday, marks a new sign that the region is in the process of organizing its public finances ahead of the planned referendum this month. 

The Kurdistan region also signed agreements last week with a number of major oil producers working to settle existing debts. 

It is clear that it does not want to move (for the next stage) with any burdens, "said a source in the sector who helped structure the new agreements. 

Majid Jafar, managing director of Dana Gas, said the KRG had a stated goal of debt settlement with investors, thus increasing the attractiveness of the region to investors, developing their reserves faster and eventually raising more funds.

The Kurdistan region agreed to pay $ 1 billion to settle a lawsuit worth more than $ 2 billion set up by Dana Gas and its partners in the Pearl Consortium for not receiving receivables for the production of oil liquids. The suit lasted years until an agreement was reached this week. 

Sources said Kurdistan had asked Rosneft and trading companies led by Trafigura to restructure existing agreements for pre-financing oil exports and defer some payments. 

Trafigura confirmed that she was involved in the fundraising process. "We offer ongoing support to the KRG," she said. 

Kurdistan commercial companies have financed the past three years and have joined Rosneft this year. The Russian company is seeking to expand abroad and is often the foreign policy tool of the Russian government. 

Before the latest round of lending, commercial firms and Rosneft lent the KRG about $ 3 billion to ensure future oil sales.

The $ 1 billion it will pay to Dana Gas and its partners in the Pearl consortium will include $ 400 million to return to the region where the consortium agreed to increase investment to boost gas production.

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prepares for the independence referendum

Kurdistan prepares financially for the independence referendum

Twilight News    

 

 2 hours ago

 

 

The Kurdistan Region of Iraq borrowed money from buyers of its oil, including Russia's Rosneft to help him settle a billion dollars for a lawsuit in London, while the region is trying to control its public finances before a referendum on independence.

Sources in the sector said the regional government had restructured some existing agreements to finance crude exports with oil buyers to raise funds to settle a long-term suit with the UAE-based Dana Gas and its partners.

The compromise announced on Wednesday marks a new sign that the region is in the process of organizing its public finances ahead of a referendum this month on its independence.

The Kurdistan region also signed agreements last week with a number of major oil producers working to settle existing debts.

"With the settlement of debt owed to oil producers and the settlement of the case, the Kurdistan Regional Government is preparing for a referendum with positive performance," said a sector source who contributed to structuring the new agreements. It clearly does not want to move (for the next phase) with any burdens. "

Majid Jafar, managing director of Dana Gas, said that the government of Kurdistan has a declared goal of settling debts with investors, thus increasing the attractiveness of the region to investors and can develop their reserves faster and then raise more money in the end.

The Kurdistan Region agreed to pay one billion dollars to settle a lawsuit worth more than two billion dollars set up by Dana Gas and its partners in the Pearl Consortium for not receiving the receivables of the production of oil liquids. The suit lasted years until an agreement was reached this week.

Sources said that Kurdistan had asked Rosneft and trading companies led by Trafigura to restructure existing agreements for pre-financing oil exports and defer some payments.

Rosneft declined to comment.

Trafigura confirmed that she was involved in the fundraising process. "We offer ongoing support to the KRG," she said.

In the past three years, commercial companies have financed Kurdistan, and Rosneft joined it this year. The Russian company is seeking to expand abroad and is often the foreign policy tool of the Russian government.

Before the latest round of lending, commercial companies and Rosneft lent the KRG about $ 3 billion to ensure future oil sales.

The $ 1 billion it will pay to Dana Gas and its partners in the Pearl consortium will include $ 400 million to return to the region where the consortium agreed to increase investment to boost gas production.

Reuters

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On 30/08/2017 at 9:46 PM, alreis said:

Is it time to. Invest in Gulf Keystone GUKYF?

 

Looks that way Alreis.

 

Kurdish oil deal offers hope to Gulf Keystone investors

 

Kurdistan1_trans_NvBQzQNjv4Bqz8PrEBUoq2NOeDT9dFlgS2dNgTXkCSyOPdfuWxlolq0.jpg?imwidth=450 The Kurdish regional government is eager to pay off debts to major oil companies before its independence referedum - and Gulf Keystone stands to benefit.
2 SEPTEMBER 2017 • 7:00PM

The long-suffering investors of troubled Kurdish oil explorer Gulf Keystone are poised for an imminent breakthrough deal with the region’s government, which could turn the ­tables on years of wrangling to secure payment for its crude.

Gulf Keystone has been wracked by geopolitical tensions in the Iraqi ­region, which have sapped payments from the local government for the oil it produces from the giant Shaikan field. But the Kurdish government is now ­eager to pay off the debts it owes to all oil companies drilling in the region, ahead of its forthcoming referendum on independence from Iraq, which is set for Sept 25. Market sources believe a deal to settle its unpaid bill for Shaikan’s oil is imminent.

 
 

The Kurdistan regional government has already inked a landmark agreement with Genel Energy, which brought a £70m boom to the company’s market value. Genel shares surged by a quarter to 161p a fortnight ago after analysts described the agreement as a “game-changer” for the company.

In anticipation of a similar boost for Gulf Keystone, its shares have already climbed by a third to drive the company’s market value to over £278m.

The deal hands Genel a much bigger cut of the revenue from the crude it ­exports from the giant Tawke oilfield, in exchange for waiving the government’s unpaid oil bills. The Kurdish government also reached a $2.2bn (£1.7bn) settlement over its dispute with Aberdeen-based Dana Petroleum, which claimed that its projects were hindered by the region’s authorities.

A deal for Gulf Keystone would be a rare glimmer of hope for the group’s embattled investors. The firm was once a favourite with investors after its share price rocketed from around £27 shortly after its 2008 market debut to over £411 in early 2012. Now, it commands just £1.22 a share on the market.

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DANA GAS SHARES SURGE TO HIGHEST THIS YEAR THANKS TO $1BN KRG SETTLEMENT
Shares hit high for the year on resumption of trading after Eid holiday
Iraq, September 4, 2017

Shares in Dana Gas soared to their highest level of the year in morning trading yesterday, following the settling of the energy firm’s long-running dispute with the Kurdistan Regional Government (KRG).

Dana’s stock leapt 14 per cent to 73 fils in Abu Dhabi, as the UAE’s bourses resumed trading after the Eid Al Adha holiday. Nearly 100 million Dana stocks changed hands in the first two hours of trading, accounting for more than two-thirds of total trade on the Abu Dhabi exchange.

The energy firm announced on Friday that it had reached a settlement in its London-based arbitration with the KRG, which the Sharjah-based company initiated in conjunction with its partners in the Pearl Consortium in 2013.

The consortium accused the KRG of blocking further development on the region’s Khor Mar and Chemchemal fields and underpaying for gas supplies.

Under the terms of the settlement, the KRG has agreed to pay the consortium – whose other members include Dana’s parent company Crescent Petroleum – a sum of US$600 million, together with a $400m payment to be allocated towards the consortium’s further investment in the region’s gasfields.

The $1.24 billion balance of the amount awarded by the London Court of International Arbitration has been reclassified as outstanding costs, recoverable from future revenues generated.

The deal with the KRG comes as Dana remains locked in a dispute with its creditors over $700m worth of outstanding sukuk, which the company is trying to restructure. Discussions with sukuk holders soured earlier this year when Dana claimed the outstanding sukuk were not Sharia-compliant, and therefore were illegal under UAE law.

The company said in late July that it would pursue a litigation driven-outcome with creditors, taking out injunctions against calls for payment in Sharjah and London.

The high volume of trades in Dana shares was the highlight of an otherwise quiet day for shares in both Abu Dhabi and Dubai, with other stock markets across the Arabian Gulf remaining closed for the Eid holiday.

Eshraq Properties shares were the other main gainers in Abu Dhabi, rising for a second straight day of trading following the announcement of a possible merger with Al Reem Investments. The developer’s shares closed up 6.9 per cent at 93 fils, their highest level for four weeks.

Dubai’s headline was little changed for the day amid thin trading volumes, with gains by Dubai Islamic Bank and Aramex cancelled out by falls by Damac Properties and Emaar Malls.

thenational

   
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  • yota691 changed the title to Dana Gas unveils KRG's late dues

Dana Gas unveils KRG's late dues

 

 Since 2018-02-11 at 11:54 (Baghdad time)

efawet.jpg

Follow up of Mawazine News

Dana Gas said on Sunday that the receivables received from the Kurdistan Regional Government amounted to 466 million dollars, and the company's total arrears with the government of the region amounted to $ 7 million by the end of 2017.

"The receivables received from the Kurdistan Regional Government amounted to 466 million dollars, and the total arrears of the company's arrears with the Government of the Territory $ 7 million by the end of 2017," Dana Gas said in a statement. Received in Egypt receivables worth 164 million dollars during the year 2017, reducing the total outstanding dues of the company in Egypt to 228 million dollars compared to 265 million at the end of the year.

"Revenue for the year 2017 rose to 1.649 billion dirhams from 1.437 billion dirhams," Dana Gas said in a statement.

Dana Gas posted a profit of AED 305 million by the end of 2017 compared to a loss of AED 323 million for the same period in 2016.

"Our $ 2.2 billion settlement with the Kurdistan Regional Government (KRG) at the end of last August is a win-win for us and our partners," Dana Gas CEO Patrick Ward said.

"The company has started drilling three wells in Egypt and will continue until the first quarter of 2018, two of which are in sector 1 of the North Salihia concession area, which has full operating rights. These two wells are South East Abu Naga-1 "and" Bahi-2 ".

He explained that "the third well will be drilled in the West Manzala concession area in which the company owns a development license, and expected to start drilling in 2018.

"With progress in both the Kurdistan region of Iraq and Egypt, along with the final compensation decision to be made on the NIOC issue, we are optimistic about 2018," he said.

is over

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13 minutes ago, 10 YEARS LATER said:

As Optimistic as I am, Critical, Cynical & Jaded with these monkeys - perhaps things might turn for the better :soon:-- not holding my breath however.

 

This appearance of totally inept, consumed by greed and corruption, hatred, and self-absorption is just a front.....one of these days we will wake up and they will be laughing their butts off and the CBI exchange page will read $3.86 USD = 1 IQD.    (how's that for positive thinking?)

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  • yota691 changed the title to  Dana and Crescent Petroleum signed an agreement to sell gas with Iraqi Kurdistan
 
6791.jpg

Dana Gas logo
  

 energy


Economy News Baghdad:

The Pearl Petroleum consortium, led by Crescent Petroleum, has signed a 10-year gas sale agreement with the Kurdistan Regional Government (KRG), the company said in a statement.

According to the statement, Al Hilal and Dana, under the gas sale agreement, are "supplying and selling additional quantities of gas that they intend to start production later this year to boost electricity generation to meet the region's pressing needs."

Pearl Petroleum plans to increase its daily production of natural gas and condensates from the Khoramur field by about 25 percent later in the year, he said.

The agreement, signed on January 30, 2018, aims to increase gas production from the Khorormur field by 80 million cubic feet of gas sold per day from the current production level of 305 million cubic feet per day before the end of 2018.

The project is part of a comprehensive plan "to increase gas production by 125 percent over the next two years, equivalent to about 900 million cubic feet per day of gas and associated liquids."

Crescent Petroleum Chief Executive Officer Majid Humaid Jafar said the agreement would expand operations and production with investments of over $ 600 million over the next few years and an increase in production for more than two lesbians.


Views 894   Date Added 03/21/2018

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  • yota691 changed the title to Exchange of 28 million dollars to foreign companies

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