Thursday 18 April 2019
 
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Dr Patrick Allan-Ward

Dana Gas receives $39m from Q1 sales in KRI

SHARJAH, 4 days ago

Dana Gas the Middle East’s largest regional private sector natural gas company, said that during Q1 2019, Pearl Petroleum has received $112 million from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI).

Dana Gas is a 35 per cent shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million.

This presents a 117 per cent increase compared to Dana Gas' 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 completedinOctober2018hasincreasedour production output by 30 per cent 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 new20-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 650MMscf/day in2021, and then to 900MMscf/day by 2022. – TradeArabia News Service




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