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    Dana Gas' collections more than double in 2021

Summary

The collections were driven by a rebound in oil prices.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Africa, Middle East, Security of Supply, Corporate, Exploration & Production, News By Country, Egypt, Iraqi Kurdistan

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.

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.