Pearl Petroleum Sells $500 Million Senior Secured Bond
The 10.375% bond, maturing November 2031, drew demand at 1.7 times its issue size from international institutional investors.
Updated on Nov. 4, 2026 in Oil and Gas
Pearl Petroleum Company Limited, a joint venture of Dana Gas PJSC and Crescent Petroleum, placed a $500 million senior secured bond after increasing the offering from $400 million. Investors from the United States, United Kingdom, Europe, Middle East and Asia participated.
Why it matters
The bond proceeds will refinance existing debt and support further development of Iraq's Khor Mor and Chemchemal gas fields. The placement was completed despite elevated global bond yields, inflation concerns and regional geopolitical uncertainty.
The $500 million offering, raised from an initial $400 million, attracted investor demand of 1.7 times its size at a fixed 10.375% annual coupon maturing in November 2031. The source does not break down how much of the proceeds goes to debt refinancing versus field development.
The players
Pearl Petroleum Company Limited
Pearl Petroleum is a joint venture that holds interests in Iraq's Khor Mor and Chemchemal gas fields.
Dana Gas PJSC
Dana Gas is a Sharjah-based regional natural gas company and one of the two joint venture partners in Pearl Petroleum.
Crescent Petroleum
Crescent Petroleum is an Sharjah-based independent oil and gas company and the other joint venture partner in Pearl Petroleum.
The details
Pearl Petroleum issued the senior secured bond to international institutional investors, who participated from the United States, United Kingdom, Europe, Middle East and Asia. The proceeds are intended to refinance existing debt and fund development at the Khor Mor and Chemchemal gas fields in Iraq.
Timeline
November 2031: Bond matures.
Market Landscape
The placement shows that regional gas developers in Iraq can still access international institutional debt markets despite elevated global bond yields and regional geopolitical uncertainty. It extends the financing pattern of Pearl Petroleum's Khor Mor development into a new round of senior secured capital.
For the average reader, this bond is a large-scale corporate financing event rather than a consumer-facing change. Its direct effect on fuel prices or household energy costs is not stated in the source.
The takeaway
Large energy projects in volatile regions can still attract substantial international investor capital when financing terms are clear. Tracking how such bonds are priced over time can show how investors weigh regional risk against project returns.
Further reading
Explore more on the Oil and Gas sector for context on regional gas development financing.
