Saturday 7 December 2019

Dr Patrick Allan-Ward

Dana Gas receives $39m from Q1 sales in KRI

SHARJAH, April 14, 2019

Dana Gas the Middle East’s largest regional private sector natural gas company, said that during Q1 2019, Pearl Petroleum has received $112 million from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI).

Dana Gas is a 35 per cent shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million.

This presents a 117 per cent increase compared to Dana Gas' Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI.

Dr Patrick Allman-Ward, CEO, Dana Gas, said: “We have had a very positive start to year in the KRI. Our debottlenecking project which we completedinOctober2018hasincreasedour production output by 30 per cent to 400 MMscf/d. We have begun to see the impact of the additional production on our Q1 collection, which has doubled.”

In February of this year, Pearl Petroleum signed a new20-year Gas Sales Agreement (GSA)with the Kurdistan Regional Government (KRG) to enable production and sales of an additional 250 MMscf/d. The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650MMscf/day in2021, and then to 900MMscf/day by 2022. – TradeArabia News Service


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