UAE-based energy giants Dana Gas and Crescent Petroleum have successfully raised $500 million through a new bond issuance by their joint venture, Pearl Petroleum. The five-year senior secured bonds, which carry a 10.375% coupon and mature in 2031, saw significant interest from international institutional investors. Due to the offering being 1.7 times oversubscribed, the consortium was able to exceed its initial $400 million target. This capital will be used to refinance a previous $350 million bond while providing necessary funding for the continued development of the Khor Mor and Chemchemal gas fields in Iraq.

Company leadership noted that the success of this issuance despite global market volatility highlights strong investor faith in both the consortium’s operational track record and the long-term energy outlook for Iraq. Pearl Petroleum, which has invested approximately $4 billion into the region since 2009, remains a cornerstone of the Kurdistan Region's infrastructure, currently providing about 80% of its electricity generation. With the recent completion of the KM250 expansion, the consortium is now positioned to focus on its next phase of growth, further bolstering regional energy security and supporting broader economic development.