Monday 24 September 2018
 
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Dana Gas gets $74m payment from Kurdish government

ABU DHABI, 13 days ago

Dana Gas, the largest private sector regional natural gas company in the Middle East, has received its share of Dh271 million ($74 million) from the Kurdistan Region of Iraq of the condensate sales in the region during the first eight months of this year.

Dana Gas has announced that during September, Pearl Petroleum Company Limited received $21.6 million from the Kurdistan Regional Government for the condensate sales.

Dana Gas is a 35 per cent shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $7.6 million. This brings total collections received by Pearl Petroleum for the year to date to $211 million and $74 million for Dana Gas’s share.

CEO Dr Patrick Allman-Ward said: "The continued arrival of these payments on time provides both us and our partners with the confidence to push forward aggressively with our expansion plans."

As of today Pearl Petroleum has no outstanding receivables in the KRI, he added.

Dana Gas is the Middle East's first and largest regional private sector natural gas company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX).

It has exploration and production assets in Egypt, Kurdistan Region of Iraq and UAE, with 2P reserves exceeding one billion boe and average production of 67,600 boepd in 2017.

With sizeable assets in these regions, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia region.

"We are on track to bring on-stream the incremental gas from our debottlenecking project in the next few weeks," remarked Allman-Ward.

"This will boost gas production by 25 per cent when fully operational which is expected to add $50 million (DG share) annually to our bottom line and will further boost local power generation capacity," he added.-TradeArabia News Service




Tags: | Dana Gas | Iraq | Kurdistan | Pearl Petroleum |

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