Dana Gas Reports Rise in Kurdistan Collections
Middle East and North Africa-focused Dana Gas’ share of Pearl Petroleum Company’s collections from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI) rose 74% in the first six months of the year (H2 2019), it said July 29.
Dana Gas, which owns a 35% stake in Pearl Petroleum, saw its share of the collections increase to $80mn in H1 compared with $46mn a year ago.
Meanwhile, Dana Gas in a separate statement issued July 28 said its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company's Khor Mor and Chemchemal fields in the KRI have increased by 10% following the recent certification of reserves by Gaffney Cline Associates.
The report showed that the total share for Dana Gas is equivalent to 1,087mn barrels of oil equivalent, up from 990mn boe when Gaffney Cline first certified the fields in April 2016, the company said.
“This confirms that the fields located in the KRI could be the biggest gas fields in the whole of Iraq. The reserves were boosted in part by the booking of oil reserves in the Khor Mor field for the first time,” Dana said.
Gaffney Cline's most recent report confirmed that Dana Gas's share of the Khor Mor and Chemchemal 2P reserves was 4.4 trillion ft3 gas, 136mn barrels of condensate, 13.3mn metric tons LPG and 18mn barrels of oil, the equivalent of 1,087mn boe, the company said.
Earlier in the year, Pearl Petroleum signed a 20-year gas sale agreement with the Kurdistan Regional government that will facilitate the production and sale of an additional 250mn ft3/d of gas.