Dana Sees Record Gas Flows in Iraqi Kurdistan
The UAE's Dana Gas has reported that the Pearl Petroleum consortium it is involved in produced a record 418mn ft3/day of gas at the Khor Mor gas plant on November 18.
Dana said in a statement on November 25 that the result was achieved thanks to the installation of a plant bypass in August, as well as increased gas demand owing to seasonal weather conditions. The company added that, after delays caused by coronavirus disruptions, it expected civil engineering work to recommence in the next few weeks on a first 250mn ft3/day processing train at the site.
"All the parties working on the Khor Mor project are fully committed to executing the expansion project as quickly and as safely as possible," Dana CEO Patrick Allman-Ward said, noting that the train was on track for first gas in the first quarter of 2023. The project is expected to boost Dana's revenues by $175-200mn annually, he said.
Dana has a 35% stake in Pearl Petroleum, which operates the Khor Mor and Chemchemal gas fields. Its partners are UAE-based Crescent Petroleum with 35% and Germant's Rwest, Austria's OMV and Hungary's MOL each with 10%.
Dana is the largest private gas supplier in the Middle East, with fields and concessions in Egypt, Iraqi Kurdistan and the UAE. It saw its overall output increase by 6% year on year in the third quarter, thanks to the gain at Khor Mor.
The company swung to a $360mn net loss in Q3, from a $2mn profit a year earlier, after taking on $243mn in impairments in Egypt. It booked a further $163mn in write-offs as a result of the sale of most of its onshore concessions in Egypt to US independent IPR Energy in October. Its Q3 revenues were relatively stable, though, reaching $52mn versus $65mn a year before.