• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 22 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 6 mins Putin Paid Militants to Kill US Troops
  • 15 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 23 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 1 hour Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". 1 out of 5 Democrats admit it. How many Dem's believe it but will not admit it?
  • 18 hours Apology Accepted!
  • 14 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 1 hour Is OilPrice a cover for Green Propganda
  • 16 mins In a Nutshell...
  • 15 hours The Political Genius of Donald Trump
  • 22 hours Why Oil could hit $100
  • 2 days Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 days U.S. natural gas at major disadvantage in Europe and China.
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

Breaking News:

Japan Bets Big On Mozambique LNG

Do Gold Stocks Still Have Upside?

Do Gold Stocks Still Have Upside?

Gold miners’ stocks rocketed out…

Natural Gas Output In Kurdistan Set To Jump

Natural gas output in Iraqi Kurdistan is set to jump as the regional government settles a court case with a consortium of companies active in the area, according to Reuters’ conversation with Dana Gas.

The Pearl Consortium – which consists of Dana, Crescent Petroleum, OMV, MOL and RWE – agreed to a $1 billion payout in exchange for violations of a 10-year-old deal to develop the Khor Mor and Chemchemal fields. Those areas are said to hold 17 trillion cubic feet in reserves, which could fulfill all of Europe’s gas needs for a year.

But the agreement caused tensions between the KRG and European producers when Pearl began accusing the government of underpaying for gas liquids production. The disagreements, as well as substantial delays in field development, caused a court case in London. Its settlement also stipulates that Dana Gas would double output from the fields, according to the company’s managing director Majid Jafar. Now the two facilities will produce 800 million cubic feet a day, he said in an interview.

“This is only the next phase. These fields could potentially produce several times more,” he said, adding that the contractual increase would be implemented in two years. “We have the obligation to maximize the value of resources for Kurdistan and Iraq. We first and foremost need to meet local demand. But there are enough reserves for exports as well.”

A previous ruling by a U.K. arbitration court declared Pearl the victor of a $2 billion settlement for delayed payments from Kurdistan. The legal body also substantiated additional accusations of purposeful tampering with Pearl’s work on fields in Kurdistan, though damages had not been awarded at the time. The stipulation for Pearl to increase output in the KRG in the coming years suggests the companies are ready to produce gas in the area for the long-run.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News