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    Dana Gas' collections double in H1

Summary

Dana expects first gas from a new processing train in Iraqi Kurdistan to start up in the second quarter of 2023.

by: Shardul Sharma

Posted in:

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

Dana Gas' collections double in H1

UAE-based Dana Gas on July 15 said its collections from the Kurdistan Region of Iraq (KRI) and Egypt during the first six months of 2021 have increased 106% year/year to $185mn.

Dana, which owns a 35% stake in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 85% yr/yr to $87mn in H1. Its share of Pearl Petroleum production in H1 averaged 150mn ft3/d of gas, 5,250 b/d condensate and 350 metric ton/d of LPG.

In Egypt, Dana collected $98mn during H1, compared with $43mn received in the same period of 2020, representing a 128% yr/yr increase.

Dana CEO Patrick Allman-Ward said the company was in the process of constructing a new gas train in KRI which is on track for first gas in Q2 2023. “In Egypt, we continue to work diligently to maintain production and to prepare for drilling our exciting exploration well in our offshore Block 6 Concession Area which holds material potential of over 20 trillion ft3 of gas resources,” he said.

Dan reported in May a 41% improvement in Q1 2021 net profit over last year as a result of production increases from the KRI.