Dana Gas collected $185 million (AED 678 million) in H1 2021 from the Kurdistan Region of Iraq (KRI) and Egypt, a 106% increase year on year.
“This is one of our best collection periods in the past several years, driven and supported by the strong rebound in oil prices. The respective governments of both the KRI and Egypt are meeting their payment obligations, ensuring the petroleum industry investors are receiving their current monies on time and catching up on overdue payments,” said Dana Gas CEO Dr. Patrick Allman-Ward. “This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway.”
Dana Gas, 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% to $87 million in the first half 2021 as compared to $47 million in the same period the previous year. The Company received cash dividends of $48.3 million from Pearl Petroleum over this period. For the same period, the Dana Gas share of Pearl Revenue was $87 million, EBITDA was $74 million, net income was $57.4 million, cash balances were $61 million and gross debt was $93 million.
“We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2 2023,” Allman-Ward added. “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 Tcf of gas resources.”
In Egypt, Dana Gas collected $98 million during H1 2021, compared to $43 million received in the same period of 2020, representing a 128% increase.
