Dana Gas, the Middle East’s largest regional natural gas company, said it has received a dividend payment of Dh83.5 million ($22.75 million) from Pearl Petroleum Company, a leading producer and developer of natural gas assets in the Kurdistan region of Iraq in proportion to its shareholding in the company.

Pearl Petroleum is a five-company consortium consisting of two Middle Eastern oil and gas companies - Dana Gas and Crescent Petroleum - in partnership with three major European energy companies - OMV, MOL, and RWE.

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 67,600 boepd in 2017.

With this, Dana Gas has this year received a total dividend payments of $36.75 million from Pearl Petroleum, said a statement from the Emirati company.

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).

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 region, it added.-TradeArabia News Service