UAE's Dana Gas pulls in Dh678m from Kurdistan Region of Iraq and Egypt - best since 2016
Dana Gas is in the midst of a major expansion of its Kurdistan operations
Dubai: The UAe’s privately-owned Dana Gas pulled in revenues of Dh678 million in the first six months from operations in the Kurdistan Region of Iraq and Egypt – its best haul in five years.
Dana Gas owns a 35 per cent stake in Pearl Petroleum in KRI, and sales of condensate, LPG and gas were up 85 per cent to $87 million in the first-half of 2021 from $47 million last year. The company received cash dividends of $48.3 million from Pearl Petroleum over this period.
In Egypt, Dana Gas collected $98 million during these six months, compared to $43 million in 2020, representing a 128 per cent increase.
“This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices,” said Dr. Patrick Allman-Ward, CEO of Dana Gas. “The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments.
“This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2-2023.
“In Egypt, we continue to work to maintain production and to prepare for drilling our exciting exploration well in our offshore Block 6 Concession Area which holds material potential of over 20 Tcf of gas resources.”