Dana Gas' collections more than double in 2021
The Middle East and North Africa-focused Dana Gas’ collections from Kurdistan and Egypt rose 107% year/year in 2021 to $377mn driven by a strong rebound in oil prices, it said on January 6.
Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI rise 80% to $184mn.This increase follows the full repayment of past outstanding receivables from 2019 and 2020, the company said.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
Pearl Petroleum in October signed a $250mn financing agreement with the US International Development Finance Corp for the KM 250 project in KRI. KM-250 is the first stage of a two-train expansion project at Khor Mor that aims to boost total production capacity to 1bn ft3/day. Work resumed in April 2021 after onsite construction was halted in 2020 due to the COVID-19 pandemic and is currently on track for completion by April 2023.
In Egypt, Dana Gas collected $193mn last year, compared with $80mn in 2020, a 141% yr/yr jump. The total collections from Egypt in 2021 include a $48mn payment made by the Egyptian government in December.