Dana Gas to boost natural gas investment in Kurdistan Region: statement
ERBIL (Kurdistan 24) – Natural gas company Dana Gas announced on Sunday that it would boost its investment in the Kurdistan Region following sales of its assets to an Egyptian company, according to a statement from the company.
The UAE-based hydrocarbon company announced that it had recently agreed on terms with the Egyptian Wastani Petroleum Ltd, selling its assets worth $236 million in the onshore fields, according to a statement from Dana Gas.
“This asset sale is in line with Dana Gas’ strategic goals of strengthening its balance sheet and focusing on the development of its world-class assets in the Kurdistan Region,” the statement from the company announced.
Dana Gas’s share in reserves in the Kurdistan Region is “over 1 billion barrels of oil equivalent,” the company CEO, Patrick Allman-Ward, said in a statement.
The company operates in two major natural gas fields in Kurdistan: Khor Mor and Cham Chamal, owning 35 percent of its shares, through Pearl Consortium, since 2007.
In March 2019, Pearl Petroleum announced it had signed a 20-year Gas Sales Agreement with the Kurdistan Regional Government (KRG) as part of a plan to expand its operations in the Kurdistan Region.
The agreement is meant “to enable production sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021” from the Kor Mor and Chemchemal fields.
Read More: Dana Gas announces 20-year deal with KRG
The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas.
Editing by Karzan Sulaivany