ERBIL (Kurdistan 24) – Oil and gas operator Dana Gas said it looks 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 said in a statement on Monday that its share of Pearl Petroleum’s collection from the sale of condensate, LPG, and gas in the Kurdistan Region rose 74 percent in the first half of 2019. 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. It said in the statement that its share of the collections increased to USD 80 million in the first six months of 2019 compared to USD 46 million in the first half of 2018.
CEO Patrick Allman-Ward expressed his gratitude to the KRG, highlighting the “flourishing partnership,” which he said would “bring about tangible benefits for the region, including the creation of more jobs.”
“We look forward to strengthening our collaboration with the Kurdistan Regional Government in the years to come,” Allman-Ward said in the statement.
Dana Gas, headquartered in Abu Dhabi, has its main assets in Egypt and the Kurdistan Region.
According to an anonymous source Reuters cited in a report last week, the company feels that focusing on a single geographical territory would attract more investors in the future.
The oil and gas firm also recently announced a new oil discovery in its Kurdistan Region fields, thought to have potentially the largest gas reserves in the country.