Dana Gas has received a payment of $74 million from the Kurdistan Regional Government (KRG) for its share of condensate sales from the region in the first eight months of the year, the company said in a statement.
Pearl Petroleum, in which Dana Gas owns a 35% share, received $21.6 million from the KRG for condensate sales. Dana Gas’s share of Pearl Petroleum receipts is accordingly $7.6 million.
Pearl Petroleum’s revenue from Kurdistan for 2018 is now a total $211 million, of which Dana Gas has received $74 million.
“The continued arrival of these payments on time provides both us and our partners with the confidence to push forward aggressively with our expansion plans,” Chief Executive Patrick Allman-Ward said.
He added that Kurdistan has no outstanding payments to Pearl Petroleum.