Abu Dhabi - Mubasher: Dana Gas has collected $185 million (AED 678 million) in collections from the Kurdistan Region of Iraq (KRI) and Egypt in the first half (H1) of 2021, rising by 106% year-on-year (YoY).
Collections registered a record high level in more than five years amid higher hydrocarbon prices, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Thursday.
The Middle East's largest regional private sector natural gas company, which holds a 35% stake in Pearl Petroleum, witnessed an 85% YoY leap in its share of collections from sales of condensate, liquefied petroleum gas (LPG), and gas in the KRI, registering $87 million in the January-June period, compared to $47 million.
The company received cash dividends of $48.3 million from Pearl Petroleum and its share of earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $74 million, net income $57.4 million, cash balances $61 million, and gross debt $93 million.
Its share of Pearl Petroleum production for H1-21 averaged 150 million standard cubic feet per day (MMscf/d) of gas, 5,250 barrels per day (bbls/d) of condensates, and 350 metric tonnes per day (MT/d) of LPG.
The company's share of total KM 250 expansion CAPEX is $220 million, which will be funded at the Pearl level.
In Egypt, Dana Gas collected $98 million during the six-month period ended 30 June, up by 128% from $43 million in the corresponding period a year earlier.
The company is currently constructing its new KM250 gas train in the KRI which is on track for its first gas in the second quarter (Q2) of 2023.
"In Egypt, we continue to work diligently to maintain production and to prepare for drilling our exciting exploration well in our offshore Block 6 Concession Area which holds material potential of over 20 Tcf of gas resources,” Patrick Allman-Ward, CEO of Dana Gas, said.
