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.