Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), revealed that its share of Pearl Petroleum Company Limited’s collections from the sale of condensate, liquefied petroleum gas (LPG) and gas in the Kurdistan Region of Iraq (KRI) grew by 74% in the six-month period ended June 2019.
The largest private natural gas company in the Middle East’s share of Pearl Petroleum’s collections stood at $80 million (AED 293 million) in the first half of 2019, compared to $46 million (AED 169 million) in H1-18, according to a press release.
Patrick Allman-Ward, CEO, Dana Gas, said: “We are thankful for the Kurdistan Regional Government’s prompt payment of receivables. Our flourishing partnership will bring about tangible benefits for the region, including the creation of more jobs and greater confidence in its hydrocarbon sector, which will ensure a flow of revenue into much-needed infrastructure. We look forward to strengthening our collaboration with the Kurdistan Regional Government in the years to come.”
On Sunday, Dana Gas which holds a 35% stake in Pearl Petroleum, announced that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the KRI increased by 10% following the recent certification of reserves by Gaffney Cline Associates (GCA).
According to an independently audited report conducted by Gaffney Cline on behalf of Pearl Petroleum, the total share for Dana Gas increased to 1,087 million barrels of oil equivalent (MMboe) from 990 MMboe when GCA first certified the fields in April 2016.
Furthermore, the company’s head of investor relations Mohammed Mubaideen told Mubasher that Dana Gas plans to boost its oil and gas condensate output from its operations in the KRI to 900 million feet per day from 400 mfpd.
This expansion will be implemented through the installation of two new lines to add 250 million feet and 10,000 barrels of condensates, Mubaideen said.
He further noted that the company targets revenue growth from the KRI to reach $400 million a year from $350 million.
