Sharjah, UAE, Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, announces that during Q1 2019, Pearl Petroleum Company Limited (‘Pearl Petroleum’) has received $112 million (AED 411mm) from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI).
Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million (AED 143mm). This presents a 117% increase compared to the Company’s 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 completed in October 2018 has increased our production output by 30% 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 new 20-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 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022.
About Dana Gas
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 (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 63,050boepd in 2018. With sizeable assets in Egypt, KRI and the UAE, 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 (MENASA) region. Visit: www.danagas.com
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© Press Release 2019