Baghdad (IraqiNews.com) — Pearl Petroleum is planning to spend $10.2 billion in Iraq’s Kurdistan region between 2026 and 2035 to more than double natural gas output, according to the company’s latest impact assessment study cited by Rudaw.
The investment would be channelled into developing the Khor Mor and Chemchemal gas reserves in Sulaymaniyah province, raising output from 750 million cubic feet per day to 1.65 billion cubic feet per day.
Pearl Petroleum entered the Kurdistan area in 2007 and has spent over $3.9 billion on natural gas infrastructure, currently supplying the majority of the fuel needed for power production in the area.
The corporation claims the development could generate thousands of jobs, enhance local supply chains, and lessen Iraq’s reliance on foreign fuels.
The increased gas output will also aid power generation and boost energy security as Iraq continues to experience rising demand for power.
Once finished, the project will be one of the greatest private energy investments in the history of Iraq and will further enhance the position of the Kurdistan Region in the energy destiny of the nation.
The project also has a significant Iraqi link.
Crescent Petroleum, the leading partner of Pearl Petroleum, was founded by the Jafar family, a well-known Iraqi business family that later moved to the United Arab Emirates.
The consortium, Dana Gas, and foreign partners have become one of the biggest private investors in Iraq’s energy industry.