Abu Dhabi – Mubasher: Dana Gas, a leading Sharjah-based natural gas company, on Sunday announced that Pearl Petroleum Company Limited has received AED 411 million ($112 million) from the sale of condensate, liquefied petroleum gas (LPG), and gas in the Kurdistan Region of Iraq (KRI) during the first quarter of 2019.
Dana Gas, which holds a 35% stake in Pearl Petroleum, has a share of AED 143 million ($39 million) in receipts from the sale, up 117% from the company’s Q1-18 share of collections of $18 million, according to a statement.
The largest private sector natural gas company in the Middle East further noted that Pearl Petroleum has no overdue receivables in the KRI as of 14 April.
“We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 million standard cubic feet per day (MMscf/d),” CEO of Dana Gas Patrick Allman-Ward said.
“We have begun to see the impact of the additional production on our Q1 collection, which has doubled,” he added.
In February, Pearl Petroleum signed a 20-year gas sales agreement (GSA) with the KRG for producing and selling an additional 250 MMscf/d.
Upon this GSA, the consortium would boost their current output from 400 MMscf/d to 650 MMscf/d in by 2021 and to 900 MMscf/d by 2022.
It is worth noting that Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), previously reported a net profit excluding impairment of AED 234 million for the full-year ended 31 December 2018. However, including the impairments, the company incurred AED 681 million losses in 2018, against profits of AED 304 million in 2017.
