ERBIL (Kurdistan 24) – Oil and gas operator Dana Gas says it expects a 170 percent boost in production at the Kurdistan Region’s oil fields by 2021.
The Abu Dhabi-based firm said it received approximately $44 million in dividends in the first six months of this year and that output from projects in the Kurdistan Region are set to increase by 25 percent in the third quarter of 2018.
Pearl Petroleum, a consortium comprised of five oil and gas companies which focus on exploration and production of natural gas and liquids in the Region in which Dana Gas has a 35 percent stake in, paid the dividend.
The dividend included a $7 million payment for June 2018 and was for the sale of condensate and liquefied petroleum gas in Kurdistan, the company said in a statement on Sunday.
During the first half of 2018, Dana Gas’ net share of production in the Kurdistan Region averaged 26,100 barrels of oil per day (bpd), the statement added, noting the number slightly increased compared to the same period in 2017.
The Abu Dhabi-based operator also said plans to increase Pearl Petroleum’s production by 2021 are “on track.”
“The first phase of this expansion programme is the fast-track debottlenecking project of the current production facilities,” the statement read.
“The project remains on track to deliver an increase in output of 80 MMscf/d [million standard cubic feet per day], the equivalent of approximately a 25 percent uplift, by [the] third quarter [of] 2018,” it added.
Dana Gas is an independent gas company headquartered in Sharjah, the United Arab Emirates that has been active in the Kurdistan Region since 2007 when it entered into agreements with the Kurdistan Regional Government to develop its substantial gas resources.