Economy

Dana Gas ‘confident’ of expansion plans in Kurdistan Region

Dana Gas said on Tuesday that it is confident with its plans to expand its operations in the autonomous Kurdistan Region following payments it received from sales of gas and liquids.

Kurdistan 24 2019/12/24 08:44

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ERBIL (Kurdistan 24) – Oil and gas operator Dana Gas said on Tuesday that it is confident with its plans to expand its operations in the autonomous Kurdistan Region following payments it received from sales of gas and liquids.

In an official statement on its website, Dana Gas said it “has received a one-off $42 million (AED 154 mm) dividend payment from Pearl Petroleum” in the Kurdistan Region.

Pearl Petroleum is a consortium majority-owned by Dana Gas and its affiliate Crescent Petroleum. Dana Gas owns a 35 percent stake in Pearl Petroleum.

CEO Patrick Allman-Ward said the timely receipt of payments provides Dana Gas and its partners “with the confidence to push forward with our expansion plans.”

“We hope to soon move forward with the construction phase for the next 250 MMscf/d gas train. This will raise production by over 60 percent when fully operational in 2022 [and] will also further boost local power generation capacity.”

In July, Dana Gas said it looked forward to strengthening its “flourishing partnership” with the Kurdistan Regional Government (KRG) after the company announced a significant increase to its H1 2019 compared to the year prior.

Dana Gas, headquartered in Abu Dhabi, has its main assets in Egypt and the Kurdistan Region.

The oil and gas firm also previously announced a new oil discovery in its Kurdistan Region fields, thought to have potentially the largest gas reserves in the country.