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Monday, April 22, 2024

Dana Gas gets $80M from Iraqi Kurdistan

UAE’s Dana Gas announced receiving $80 million from Iraq’s Kurdistan Regional Government (KRG), addressing ongoing payment challenges. Dana’s majority-owned consortium, Pearl Petroleum, also secured $101 million from the KRG and continues discussions for outstanding receivables settlement. The company also gained $26 million from operations in Egypt.

As of June, Dana Gas had $97 million outstanding in the Kurdistan Region of Iraq (KRI) and $41 million in Egypt.

The firm’s H1 net profit dropped 25% to AED 304 million ($83 million) due to lower oil prices and condensate sales discounts in the KRI. Dana adapted by focusing on production, cost reduction, and resolving payments with partner governments.

CEO Patrick Allman-Ward highlighted the strategy to counter energy price downturn, with a 2% drop in overall production to 59,800 barrels of oil equivalent per day.

Egyptian production fell 12%, outweighing a 5% KRI rise, primarily due to natural field declines.

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