Abu Dhabi: Dana Gas, the Middle East’s largest regional private sector natural gas company, announced its latest financial figures on Sunday, reporting $230 million in gas payments in the first nine months of 2019, up by 16.7 per cent year on year.
Dana Gas, which owns a 35 per cent stake in Pearl Petroleum, saw its share of sales of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI) jump 52 per cent to $118 million in the nine-month period from $77 million in the same period the previous year. Dana Gas received cash dividends of $68.3 million from Pearl Petroleum over this period.
Meanwhile, the collections from Dana Gas Egypt were $105 million during the period, in line with the $111 million received in the same period of 2018 whilst collections from the company’s Zora gasfield in the UAE stood at $7.3 million.
“We are pleased to record higher collections over the first nine-months of the year in the Kurdistan Region of Iraq, due primarily to an increase in production and regular payments from the government,” said Dr Patrick Allman-Ward, chief executive officer of Dana Gas.
“Our overall collections are higher at $230 million, and our strong in-country relationships have continued to benefit our overall business performance. We are committed to operating all our assets to maximise production and value for all our stakeholders,” he added.
Pearl Petroleum is boosting production in the KRI, where 25 per cent of the region’s power needs remain unmet and the demand for power is expected to outstrip supply in the medium and long-term.
Dana Gas’s share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Khor Mor and Chemchemal Fields in the KRI increased by 10 per cent following the recent certification of reserves by its independent external reserves auditor, Gaffney Cline Associates. Dana Gas’s total share is equivalent to 1,087 million barrels of oil equivalent, up from 990 million barrels of oil equivalent when Gaffney Cline first certified the fields in April 2016.