Dubai: Dana Gas, a private company in the United Arab Emirates, generated revenues of 678 million dirhams in the first six months from its operations in the Kurdistan region of Iraq and Egypt – its best result in five years.
Dana Gas owns a 35% stake in Pearl Petroleum at KRI, and sales of condensate, LPG and gas increased 85% to $ 87 million in the first half of 2021, from $ 47 million last year . The company received cash dividends of $ 48.3 million from Pearl Petroleum during this period.
In Egypt, Dana Gas raised $ 98 million in those six months, up from $ 43 million in 2020, an increase of 128%.
“This is one of our best collection times in recent years, driven and supported by the strong rebound in oil prices,” said Dr. Patrick Allman-Ward, CEO of Dana Gas. “The respective governments of KRI and Egypt are meeting their payment obligations, ensuring that investors in the oil industry receive their current funds on time and catch up with late payments.
“This gives us the confidence to reinvest in our operations, especially in KRI where our expansion plans are well advanced. We are in the process of building our new KM250 gas train which is on track for first gas in Q2-2023.
“In Egypt, we continue to work to maintain production and prepare for the drilling of our exciting exploration well in our offshore concession area of Block 6 which has significant potential of over 20 Tcf of gas resources. “