Dana Gas’s collections to Dhs844 million

Dana Gas has announced that in the first nine months of 2019, collections in Egypt, the UAE, and from its share of Pearl Petroleum Company Limited’s sales in the Kurdistan Region of Iraq (KRI) increased 16.7 per cent year on year to $230 million (Dhs844 million).

Dana Gas, which owns a 35 per cent stake in Pearl Petroleum, saw its share of sales of condensate, LPG and gas in the 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 gas field in the UAE stood at $7.3 million.

Commenting on the announcement, Dr. Patrick Allman-Ward, CEO of Dana Gas, said, “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. 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.” 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. The consortium operates world-class gas fields in the KRI and currently enables the power generation of three quarters of the area’s official electricity production. It signed a 20-year gas sale agreement with the KRG earlier this year that will facilitate the production and sale of an additional 250 MMscf/d of gas.

WAM