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UAE-based energy company Dana Gas reported on Tuesday a higher overall output for the first three months of the year following a production boost in the Kurdish region.
Dana is currently looking to raise $500 million in financing to further expand its output capacity in the Kurdistan Region of Iraq (KRI) to 900 million standard cubic feet per day (mmscf).
The firm, which owns a 35 percent stake in Pearl Petroleum, had earlier seen an increase in capacity in KRI following the completion of the Khor Mor bypass project in July.
Gross gas production in the region consequently went up by 12 percent to an average of 439 mmscf per day in the first quarter of 2021.
“This helped contribute to a nine percent increase in total group production to 35,000 boepd (barrels of oil equivalent per day) in the first quarter of 2021 versus 32,400 boepd in the first three months of 2020,” Dana said.
Robust performance
Overall, the firm said its performance in the first three months of 2021 had been “robust”, supported by its assets in the Kurdish region.
“We are very pleased with the robust performance from our assets in the KRI in the first three months of the year, which at current oil prices will have a very positive impact on our profitability,” said Patrick Allman-Ward, CEO of Dana Gas.
The company also reported year-to-date collections of $53 million for the assets in the Kurdistan region. That represents 35 percent of the $151 million that Pearl Petroleum received from the sale of gas, condensate and LPG in KRI.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021
