Exchange of 28 million dollars to foreign companies

[yota691]

Dana Gas receives $ 14.4 million from Pearl Petroleum in Q1 / 2018

 

energy Economy News _ Baghdad Dana Gas said it had received $ 14.4 million from Pearl Petroleum for the sale of condensates and LPG during the first quarter of 2018 in the Kurdistan region of Iraq. The company added that the amount does not include "the company's share of the amounts received from the Kurdistan Regional Government of Iraq and was retained at Pearl Petroleum to cover operating expenses and capital investments." Views 31   Date Added 04/10/2018

[yota691]

Dana Gas gets $ 22.7 million from Pearl Petroleum in the Kurdistan region of Iraq

 

Dana Gas logo

energy Economy News Baghdad: Dana Gas has announced that it has received a cash payment of US $ 22.75 million, equivalent to AED 83.5 million, from Pearl Petroleum Limited in the Kurdistan Region of Iraq after the end of the first quarter of 2018 . "The total cash payments that the company has received since the beginning of the year from Pearl Co. Ltd. in the Kurdistan region of Iraq amount to $ 36.7 million," it said in a press release. Views 164   Date Added 16/05/2018

[yota691]

Dana Gas receives $ 44 million from Kurdistan

Readers

 

 

Dana Gas receives $ 44 million from Kurdistan

 

08-07-2018 04:35 PM

 

The Euphrates -

 

Dana Gas has announced that it has received $ 43.75 million (AED 161 million) in cash during the first half of 2018 from Pearl Petroleum Limited for the sales of LPG and condensate in the Kurdistan Region. 

Dana said in a statement that the amount includes a new cash payment of $ 7 million (AED 8.52 million) received in June. 

Petroleum Petroleum is a consortium of five oil and gas companies focused on the exploration and production of oil and gas assets in the Kurdistan Region. Dana Gas holds a 35 per cent stake in Pearl Petroleum as a joint operator. 

The company explained that the amounts received did not include the cash received from the sale of the products and decided to retain them at Pearl Petroleum, for the purpose of covering operating expenses. 

This amount does not include Dana Gas's share of the $ 400 million cash received by Pearl Petroleum from the Kurdistan Regional Government, of which $ 140 million is from Dana Gas, which is held at Pearl Petroleum with the aim of expanding the scope of investment through the development of the fields of Kurmore and Chamchamal In accordance with the settlement agreement signed in August 2017 with the Kurdistan Regional Government. 

Dana said that since the signing of the settlement agreement between Pearl Petroleum and the Kurdistan Regional Government, all payments for the sale of LPG and condensates from the Government of Kurdistan have been received according to the schedule and without any delay, as there is currently no due to Pearl Petroleum in the Kurdistan Region. 

In May, Dana received a cash payment of US $ 22.75 million (AED 83.5 million) from Pearl Petroleum Limited in the Kurdistan Region after the end of the first quarter of 2018.

[jg1]

On 8/30/2017 at 1:12 PM, spacetuna said:

KRG has now settled backpayments with Genel Energy, DNO, and Dana Gas. 

Be on the lookout for them to settle with Gulf Keystone Petroleum next.  

Yes, I'm waiting. 😀

[yota691]

An Emirati company discloses the amount of money handed over to Kurdistan

Date of release: 2018/7/9 18:52 • 229 times read

[Ain-Baghdad] 
Dana Gas UAE revealed on Monday the volume of the amounts received from the Kurdistan Regional Government during the first half of this year.

The company said in a statement that it received cash of 43.75 million US dollars in the first half of 2018 from Pearl Petroleum Limited, for the sales of LPG and condensates in the Kurdistan region, " 
adding that" this amount includes a new cash payment With a value of $ 7 million, received during June. 
"Pearl Petroleum is a consortium of five oil and gas companies focused on the exploration and production of oil and gas assets in the Kurdistan Region. Dana Gas holds a 35% Pearl Petroleum as a joint operator 
, the company explained The receipt received does not include cash received from the sale of the products and is to be retained at Pearl Petroleum, to cover operating expenses.
"This amount does not include Dana Gas's share of the $ 400 million cash received by Pearl Petroleum from the Kurdistan Regional Government, of which $ 140 million is from Dana Gas, which is held at Pearl Petroleum with the aim of expanding the investment through the development of the fields of Cormor And the increase of production, in line with the settlement agreement signed in August 2017 with the Kurdistan Regional Government. "

[Big_J]

[yota691]

Dana Gas receives $ 46 million from Kurdistan

Dana Gas: There are no accrued dues

 

 

 

 14 August 2018 11:35 p

Dana GasDANA-0.87%1.14-0.01

Abu Dhabi - Mubasher: Dana Gas said the Kurdistan Regional Government (KRG) has continued to make payments to the company on a regular and timely basis. 

In its statement, the company asserted that it had no accumulated dues and that it had received payments of $ 46 million during the first half of the Kurdistan government.

The average production of the company in the Kurdistan region of Iraq increased slightly to 26,100 barrels of oil equivalent day compared to 25,900 barrels of oil equivalent per day during the first half of 2017. 

The Group's average production in the first half of 2018 was about 63,600 barrels of oil equivalent per day, a decrease of 6% compared to 67,550 barrels per day in the first half of 2017 due to the decline in production in Egypt and the United Arab Emirates.

As of June 30, 2018, the company's cash balance increased to AED 613 million (AED 2.25 billion), despite a cash dividend of USD 95 million (AED 348 million) in May. 

The increase in the company's cash balance was mainly due to the collection of $ 141 million (AED 517 million) during the first half of 2018.

Dana Gas is the leading privately held natural gas company in the Middle East, established in December 2005 and listed on the Abu Dhabi Securities Exchange (ADX). Dana Gas has assets in the fields of gas exploration and production in the United Arab Emirates, the Arab Republic of Egypt and the Kurdistan region of Iraq with a production rate of 67,600 barrels of oil equivalent per day. With its huge assets in Egypt, the Kurdistan Region of Iraq and the UAE and its expansion plans, Dana Gas plays a prominent role in the fast growing natural gas sector in the Middle East, North Africa and South Asia.

[yota691]

Kurdistan received millions of dollars for an oil company

 

 Twilight News    
 2 hours ago

Dana Gas announced that it has received $ 324 million from its operations in Egypt, Kurdistan Region of Iraq and the Emirate of Sharjah, which will support the company's expansion plans and its cash dividend distribution policy. 
In addition to the receivables received from Egypt, as announced in advance, the company announces that Pearl Petroleum Limited received a cash payment of $ 102 million in the fourth quarter of 2018 from sales of condensates and LPG in the Kurdistan Region of Iraq. 
Dana Gas holds a 35 per cent stake in Pearl Petroleum, with Pearl Petroleum receiving $ 36 million.
This brings the total amount received by Pearl Petroleum last year to $ 322 million, of which Dana Gas's share is $ 113 million. To date, there are no outstanding dues for Pearl in the Kurdistan Region of Iraq, where all receivables are regularly received. 
Dr Patrick Alman Ward, Chief Executive Officer of Dana Gas, said: "The cash payments received by the company from its operations during the year are a positive achievement and will support the company's expansion plans and potential cash distributions. In the Kurdistan Region of Iraq, our joint operations of Pearl Petroleum continue to receive the monthly payments due on time and without delay, which will give us confidence in moving forward and implementing our future investments to increase our production rate more than double the current rate within the next few years.
The company has recently announced a high rate of production, as a result of the completion of the project of expansion and development carried out in the Kurdistan Region of Iraq and the completion of drilling Balsam 8, to 70,000 barrels of oil equivalent per day, which represents a significant increase compared to the average production for the first nine months of this year, 62,250 barrels of oil equivalent per day. 
The expansion of the gas treatment facility included a series of additions and modifications for its development and modernization. This has resulted in a production capacity of 305 to 400 million standard cubic feet of natural gas per day and more than 15,000 barrels of condensate per day. These increases are expected to add up to $ 50 million to the company's total annual revenue without a significant increase in operating costs.
In addition, Pearl Petroleum is currently implementing a program to drill several wells in the Khor Mor and Chamchamal fields and plans to implement a series of expansion plans aimed at increasing its gas production by 500 million standard cubic feet per day and increasing its production volume from Oil liquids by about 10-12 thousand barrels of oil equivalent per day over the next three years. The company plans to finance the costs of its expansion plan mainly from the cash flows resulting from increased production and through the amounts obtained as a result of the settlement agreement with the Kurdistan Regional Government of Iraq in addition to funding facilities obtained through Pearl Petroleum, To use its liquidity to fund this expansion.

Keywords: 

[yota691]

Dana Gas receives more than $ 100 million from LPG sales in Kurdistan

12:48 - 01/01/2019

 

 

 

Baghdad , the balance of News 
Company "Dana Gas" announced that it received an amount of $ 324 million from its operations in Egypt and the Kurdistan region of Iraq and the Emirate of Sharjah, which will support the company 's expansion plans and the policy of the distribution of cash dividend has. 
In addition to the receivables received from Egypt, as announced earlier, the company announces that during the last quarter of 2018, Pearl Petroleum Company received a cash payment of $ 102 million from sales of condensates and LPG in the Kurdistan region of Iraq. 
Dana Gas holds a 35 per cent stake in Pearl Petroleum and its stake in Pearl Petroleum is $ 36 million.
This brings the total amount received by Pearl Petroleum last year to $ 322 million, Dana Gas's share of which is $ 113 million. To date, there are no outstanding receivables for Pearl in the Kurdistan region of Iraq, Receivables regularly. 
"The cash payments received by the company from its operations during the year are a positive achievement, as these funds will support the company's expansion plans and potential cash distributions," said Dr Patrick Alman Ward, Chief Executive Officer. 
He added: "In the Kurdistan region of Iraq, our joint operations of Pearl Petroleum continue to receive monthly payments due on time and without delay, which will give us the confidence to move forward and implement our future investments to increase our production rate more than double the current rate within the next few years" .
The company has recently announced a high rate of production, as a result of the completion of the project of expansion and development carried out in the Kurdistan region of Iraq and the completion of drilling Balsam 8, to 70,000 barrels of oil equivalent per day, which represents a significant increase compared to the average production for the first nine months of this year, 62,250 barrels of oil equivalent per day. 
The expansion of the gas treatment facility included a series of additions and modifications for its development and modernization. This has resulted in a production capacity of 305 to 400 million standard cubic feet of natural gas per day and more than 15,000 barrels of condensate per day. 
These increases are expected to add up to $ 50 million to the company's total annual revenue without a significant increase in operating costs.
Pearl Petroleum is currently implementing a program to drill several wells in the Khor Mor and Chamchamal fields in the Kurdistan region and plans to implement a series of expansion plans aimed at increasing its gas production by 500 million standard cubic feet per day and increasing the volume of its oil liquids production by 10- 12 thousand barrels of oil equivalent per day over the next three years. 
The company plans to finance the costs of its expansion plan mainly from the cash flows resulting from increased production and through the amounts obtained as a result of the settlement agreement with the Kurdistan Regional Government of Iraq in addition to financing facilities obtained through Pearl Petroleum, Cash flow to finance this expansion

[yota691]

Kurdistan agrees with a global company to sell gas 20 years

 

 Twilight News    
 one hour ago

Pearl Petroleum, a consortium led by Crescent Petroleum and Dana Gas, based in the UAE, has signed a new gas sale agreement with the Kurdistan Regional Government (KRG) for 20 years.

Under the agreement, the consortium will increase gas production and sell it to the territorial government by an additional 250 million standard cubic feet per day by 2021.

This increase is part of the expansion plans that the coalition implemented in the Kurdistan Region to promote the production of electricity in order to meet the urgent local need.

"The new gas sale agreement follows the settlement agreement signed in August 2017. The gas sale agreement was signed on February 19, 2019. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government, and Majid Hamid Jaafar, Chief Executive Officer of Crescent Petroleum And a member of the Board of Directors of Dana Gas managing on behalf of Pearl Petroleum, and after obtaining all the necessary approvals for the Convention, including the approval of the Special Council for Oil and Gas Affairs in the Kurdistan Region and the Board of Pearl Petroleum, the work of the project which is under implementation at the moment.

"The $ 700 million expansion project at Khorormor will include the addition of two new production units at Khorormor station as well as the drilling of new wells to raise current production rates from 400 million cubic feet per day to 650 million cubic feet per day by 2021, The agreement to sell new gas, and 900 million cubic feet per day thereafter by 2022. "

"Following these production aspirations, the expansion project of Khorormur plant, which was completed in November, which increased the plant's productivity by 30 percent. This project included upgrading the plant's efficiency and increasing its production capacity. This increased the current production levels to 106,000 barrels of oil equivalent per day , Making this project the largest private regional project for the exploration and production of gas in Iraq today. "

The Kurdistan Gas Project was established in 2007 under an agreement signed by Dana Gas and Crescent Petroleum with the Kurdistan Regional Government. The agreement granted them certain exclusive rights to evaluate, develop, produce, market and sell oil and natural gas from the fields of Khoramur and Chamchamal in the Kurdistan Region.

Only 15 months after the agreement was signed, gas production began in October 2008 from the plant that was established in Khoramur.

In 2009, Pearl Petroleum's consortium comprising Dana Gas and Crescent Petroleum, together with OMV, MOL and RWE, joined the consortium later with a 10 per cent stake.

It is noteworthy that the total investment in the Kurdistan gas project currently exceeds 1.6 billion dollars with total cumulative production of more than 260 million barrels of oil equivalent, allowing the provision of billions of dollars through the use of gas in electricity generation and also provide broader economic benefits for the Kurdistan Region and for Iraq as a whole , And the effects of these plans and business will continue to grow and expand as gas production intensifies over the coming years.

Keywords: 

[tigergorzow]

Yota Thanks. DV,  Without the "Oil & Gas Law".....Come on boys & girls git er done asap....😁😁

Edited March 6, 2019 by tigergorzow

[6ly410]

 

[6ly410]

Dana Gas announces 20-year deal with KRG

 Kurdistan 24 |

51 minutes ago

 

Share share

 

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The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas. (Photo: Archive)

 

Dana Gas Pearl Petroleum Oil Gas KRG Kurdistan Region 

A+AA-

ERBIL (Kurdistan 24) – Pearl Petroleum, a consortium that oil and gas operator Dana Gas leads, announced on Wednesday it had signed a 20-year Gas Sales Agreement with the Kurdistan Regional Government (KRG) as part of a plan to expand its operations in the Kurdistan Region.

According to a statement on Dana Gas’ website, the deal was signed on Feb. 19 and “all approvals for the agreement… have since been granted, with project work now under implementation.”

The new agreement is meant “to enable production sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021” from the Kor Mor and Chemchemal fields.

To date, Dana Gas has invested over USD 1.6 billion in the Kurdistan Region’s gas and energy sector, producing more than 260 million barrels of oil which the company says has provided “billions of dollars in fuel cost savings and wider economic benefits for the Kurdistan Region and Iraq.”

http://www.kurdistan24.net/en/news/6bc1883a-e3d5-4cc3-9bec-668a614436dd

Edited March 6, 2019 by 6ly410

[yota691]

Deputy reveals the mortgage of Kurdistan gas until 2039 and warns of dangers

02:37 - 07/03/2019

 

 

 

BAGHDAD -  
A member of the House of Representatives, Sarkot Shams al-Din, on Thursday, that the new agreement between the Kurdistan region and Pearl Petroleum has pledged to sell and produce in Kurdistan to 2039, warning of the seriousness of this step on the future of the region. 
"The region signed yesterday with Pearl Petroleum Limited, a consortium led by Crescent and Dana Gas, based in the UAE, a new agreement to produce and sell gas with the KRG for 20 years," Shamsuddin said in a statement received by Mawazine News. The agreement will increase the production of gas and sell it to the Government of the Territory by an additional 250 million standard cubic feet per day by 2021, indicating that this increase is part of the expansion plans that the coalition implemented in the Kurdistan region, which leases the gas region until 2039.
"The region has already paid a billion dollars to Dana Gas to settle a lawsuit in a court in London, and this is part of the wrong policies and family confusion there, which pays," he warned, "the seriousness of this matter to the federal government and the region and all the people of Iraq and future generations." The price of the people multiplied every time. " 
He pointed out that "all the agreements concluded by the region with the oil companies took place without the knowledge of the federal government," calling for "the need to review this agreement because of a legal dispute still exists between the federal governments and the region on the file management of natural resources has not been resolved so far in the Federal Court." 
He stressed that "this is one of the methods of the authorities of the province to impose the reality of the situation without waiting for legal provisions and the desire to be the authority of the federal government in front of the status quo, and the lack of regional government to transparency in the oil sector."
Shams al-Din pointed out, "to take the mass of the new generation strict legal procedures against any party acting outside the constitutional powers."

[yota691]

Deputy: the new agreement between the region and Petroleum, the sale of the Kurdistan gas until 2039

 

Thursday 7 March

 

 

Alsumaria News / Baghdad , said Kurdish lawmaker, said Thursday that the new agreement between the province and the sale of pawned Petroleum Gas Kurdistan until 2039, warning of "dangerous" under the gas unless the province settled natural resources management file with the federal government.  "The region signed with Pearl Petroleum Limited, a consortium led by Crescent Petroleum and Dana Gas, based in the UAE, a new agreement to produce and sell gas with the Kurdistan Regional Government for 20 years," Shamsuddin said in a statement received by Alsumaria News. This agreement will increase the gas production and sell it to the territorial government by an additional 250 million standard cubic feet per day by 2021. "     He added that "this increase is part of the expansion plans, which the coalition implemented in the Kurdistan Region, which lays gas to the region until 2039, warning of the seriousness of this matter to the federal government and the Kurdistan region and all the people of Iraq and future generations.  He stressed that "the region has already paid one billion dollars to the company Dana Gas to settle a lawsuit in a court in London , considering this part of the wrong policies and family confusion there, which pays the price of the people multiplied each time, pointing out that all agreements concluded by the province with oil companies took place without Federal Government Flag ". He called on the company to reconsider this agreement because of a legal dispute still exists between the federal governments and the region on the file management of natural resources has not been resolved so far in the Federal Court, "stressing that" this is one of the methods of the authorities in the province to impose the reality of the situation without waiting for legal provisions and desire to be The authority of the federal government in front of the status quo, and the lack of regional government to transparency in the oil sector. "

[blueskyline]

Deputy: the new agreement between the region and Petroleum, the sale of the Kurdistan gas until 2039

07 March 2019       Economy and business

......

Alsumaria News / Baghdad  , said Kurdish lawmaker, said Thursday that the new agreement between the province and the sale ofpawned Petroleum Gas Kurdistan until 2039, warning of "dangerous" under the gas unless the province settled natural resources management file with thefederal government.  "The region signed with Pearl Petroleum Limited, a consortium led by Crescent Petroleum and Dana Gas, based in the UAE, a new agreement to produce and sell gas with the Kurdistan Regional Government for 20 years," Shamsuddin said in a statement received by Alsumaria News. This agreement will increase the gas production and sell it to the territorial government by an additional 250 million standard cubic feet per day by 2021. "   He added that "this increase is part of the expansion plans, which the coalition implemented in the Kurdistan Region, which lays gas to the region until 2039, warning of the seriousness of this matter to the federal government and the Kurdistan region and all the people of Iraq and future generations.  He stressed that "the region has already paid one billion dollars to the company Dana Gas to settle a lawsuit in a court in London , considering this part of the wrong policies and family confusion there, which pays the price of the people multiplied each time, pointing out that all agreements concluded by the province with oil companies took place without Federal Government Flag ". He called on the company to reconsider this agreement because of a legal dispute still exists between the federal governments and the region on the file management of natural resources has not been resolved so far in the Federal Court, "stressing that" this is one of the methods of the regional authorities to impose the reality of the situation without waiting for legal provisions and desire to be The authority of the federal government in front of the status quo, and the lack of regional government to transparency in the oil sector. "https://www.alsumaria.tv/mobile/news/262800/iraq-news?utm_campaign=Alsumaria-Web-Push&utm_source=News&utm_term=Web-Push-News-262800&utm_medium=262800-نائب-الاتفاقية-الجديدة-بين-الاقليم-وبتروليوم-رهنت

[steveh12]

HCL??

[yota691]

Dana Gas, Crescent Petroleum to increase Khor Mor output

Thursday, Mar 07, 2019

 

Pearl Petroleum Company Limited, the Consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government to enable production and sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021 as part of their expansion plans in the Kurdistan Region of Iraq (KRI) in order to boost much needed local domestic electricity generation.

Pursuant to the Settlement Agreement reached between the parties in August 2017, this new gas sales agreement was signed on 19th February 2019 by Dr. Ashti Hawrami, Minister of Natural Resources on behalf of the Kurdistan Regional Government, and Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, on behalf of Pearl Petroleum. All approvals for the agreement, including by the the Kurdistan Region Council for Oil & Gas Affairs and the Board of Pearl Petroleum, have since been granted, with  project work now under implementation.

The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the Kurdistan Regional Government (KRG) for certain exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the Kurdistan Region of Iraq (KRI).  Production from the newly built plant in Khor Mor began just 15 months later, in October 2008. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each.

The US$700 million expansion underway at the Khor Mor plant will include the addition of two new production trains at the Khor Mor plant, as well as drilling of new wells with plans to raise production from the current 400 MMscf/day to reach 650 MMscf/day by 2021 based on this latest GSA, and then to 900 MMscf/day beyond that by 2022. This follows the 30% production increase from debottlenecking throughput at the Khor Mor plant, which brought current total production to 106,000 barrels of oil equivalent per day (boepd), making it the largest regional private sector upstream gas operation in Iraq today.

Gas sales commenced late in 2018 under a gas sales agreement signed in January of that year, and all payments have been received in a timely manner in full, which gives confidence for the investment and expansion plans currently underway by the Consortium. The Kurdistan Gas Project, which recently commemorated 10 years of continuous production, supplies natural gas from the Khor Mor field by pipeline to power plants in Bazian, Chemchemal and Erbil, as well as LPG and condensate, which are sold in the local markets. 

In August 2017, Pearl Petroleum reached a full and final settlement with the KRG of the arbitration between them, including settlement of past receivables and committing to expand their investment and operations in the region. These expansion plans include the multi-well drilling program currently underway in both the Khor Mor & Chemchemal fields, as well as installation of additional gas processing and liquids extraction facilities. The fields are operated jointly by Crescent Petroleum and Dana Gas on behalf of Pearl Petroleum.

Total investment in the Kurdistan Gas Project to date exceeds US$1.6 billion, with total cumulative production of over 260 million barrels of oil equivalent (boe), delivering billions of dollars in fuel cost savings and wider economic benefits for the Kurdistan Region and Iraq as a whole. That impact will continue to grow as production capacity expands in the coming years.

Dr. Ashti Hawrami, Minister of Natural Resources of the Kurdistan Regional Government (KRG) said: "This agreement is an important step for us as we deliver improved services to the people of the Kurdistan Region of Iraq through enhanced electricity generation from the increase in gas production by the Consortium. The Kurdistan Region holds significant reserves of gas and the KRG is committed to playing a positive role in the growing gas and electricity needs of Iraq and the region."

Mr. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented: "This gas sales agreement opens a new chapter in the expansion of the Kurdistan Gas Project that will see a further investment of over US$700 million in coming years to expand production up to 900 MMscf/day, further fueling the Region's economic growth and development. We look forward to developing the significant resources from these important fields, for the benefit of the Kurdistan Region and all of Iraq."

Dr. Patrick Allman-Ward, CEO of Dana Gas, added: "Dana Gas and our partners in Pearl Petroleum are particularly proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development.  The continuing receipt of payments in a timely manner gives confidence for our continued investment commitment as we enter our second decade of production."

As part of its work in the KRI, Pearl has implemented a corporate social responsibility program to support local communities, including providing school supplies, drinking water treatment, generators and fuel enabling 24-hour electricity for local villages, mobile medical units, and youth sports facilities, as well as financial support for 1,000 orphans from the Chemchemal area in partnership with a local charity Foundation. These initiatives are assisting the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital. 

[yota691]

Dana Gas's share of the proceeds from its operations in Kurdistan is 117% higher in the first quarter of 2019

 

energy Economy News _ Baghdad Dana Gas, listed on the Abu Dhabi Securities Market (ADX), announced that its share of the proceeds from its operations in the Kurdistan region increased by 117% to AED 143 million in the first quarter of this year compared to the same period last year after Pearl Petroleum received cash payments during this period. For a period of AED 411 million, of which Dana Gas's share is 35%. It is worth mentioning that Dana Gas has completed the expansion and development project in the region in October of last year, and then increase its production capacity by 30% per day. Views 48   Date Added 14/04/2019

[gregp]

19% increase. 🔜

GM, & Thanks, Yota .

[6ly410]

http://www.rudaw.net/english/business/14042019

Business

Dana Gas reports doubling of collection in Kurdistan Region so far in 2019

By Rudaw 6 hours ago

 

An oil facility in the Kurdistan Region. File photo: Rudaw

ERBIL, Kurdistan Region — Citing an increase of sales of gas, condensate, and liquefied petroleum gas (LPG), Dana Gas boasted on Sunday that its collections of production have doubled in the Kurdistan Region of Iraq. Also, one of its subsidiaries has signed a 20-year agreement with the Kurdistan Regional Government (KRG) to increase sales and production.

 

"We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d, [millions of standard cubic-feet per day]," said the company's CEO Patrick Allman-Ward in a statement. 

Dana Gas is a United Arab Emirates-based company for Crescent Petroleum. Subsidiary Pearl Petroleum received $112 million from the sale of the energy derivatives.

"Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million ... This presents a 117% increase compared to the Company’s Q12018 share of collections which stood at $18 million," the statement said.

The Dana Gas CEO was optimistic, and the statement noted: "As of today, Pearl Petroleum has no overdue receivables in the KRI."

"We have begun to see the impact of the additional production on our Q1 collection, which has doubled," Allman-Ward added.

The KRG and Pearl Petroleum signed a 20-year gas sales agreement in February "to enable production and sales of an additional 250 MMscf/d."
 

"The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022," the statement added.

 

Dana Gas operates in the Chamchamal and Khormor oil fields in the Kurdistan Region.

The Kurdistan Region has sought to bolster energy production through largely untapped natural gas reserves.
 

"We believe that natural gas is the fuel of the 21st century and plays an important part in reducing carbon footprint as a cleaner fuel and in supplying power generation and industry," Majid Jafar, the Crescent Petroleum CEO, told Rudaw in an interview in January. 

Ernst & Young's (EY) Commonwealth of Independent States (CIS) Managing Partner and Deputy Regional Accounts Leader for Central, Eastern and Southeastern Europe & Central Asia Alexander Ivlev also told Rudaw in January that the Kurdistan Region's untapped gas reserves present an opportunity for growth of the sector. 

The KRG has battled five years of financial crisis since Baghdad slashed its share of the federal budget, oil prices plummeted, and the costly war with the Islamic State (ISIS) sapped its resources.

The energy sector in the Kurdistan Region is privatized, while elsewhere in Iraq it is state-owned. This has presented opportunities for smaller oil and gas companies to take more risks, while larger companies have shied away from such costly ventures.

[6ly410]

Kurdistan Region pays Gulf Keystone nearly $15 million for January oil share

By Rudaw 2 hours ago 

398Views

         http://www.rudaw.net/mobile/english/business/27042019

An employee works at an oil facility in the Kurdistan Region. File photo: Rudaw

ERBIL, Kurdistan Region – The Kurdistan Regional Government (KRG) has made a gross payment of $14.7 million to British oil producing company Gulf Keystone for the sales it made from Sheikhan field in January.

“Gulf Keystone confirms that a gross payment of $14.7 million ($11.5 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during January 2019,” a statement released by the company on Friday said.

Gulf Keystone Petroleum operates in Sheikhan field in the Kurdistan Region of Iraq’s province of Duhok, which currently produces 40,000 barrels of oil per day.

The company first discovered Sheikhan field in 2009, which has plans to boost its daily production of crude oil in the field to 55,000 barrels per day. Overall production from the field has now exceeded 40 million barrels, the company says.

Other companies have commended the KRG for making timely payments as it recovers from the economic crunch. 

During the past four years, the KRG was unable to make a regular and timely payments to energy companies operating in the Kurdistan Region due to its overstretched financial resources allocated partly to fund its war with the Islamic State (ISIS), accommodate an influx of refugees from Syria and displaced persons from Iraq, as well as its budget share cut by Baghdad in 2014.

Following its budget cut by the federal government, the KRG started to implement an unpopular salary-saving system that paid employees only a portion of their salaries. The system was rolled back following the passage of Iraq’s federal budget for 2019 that saw the Kurdistan Region receive a share in order to pay employee salaries.

Nearly 1.8 million Syrian refugees and internally displaced persons (IDPs) turned to the Kurdistan Region to seek shelter after the Syrian conflict exacerbated and the jihadist group swept through Iraq and took large swathes of territory in the country.

Now that relations between the KRG and Baghdad have improved, the KRG is in a better position to regularly pay oil and gas companies working in the region. And this will create better conditions for oil and gas companies to invest more in the region, helping Erbil recover from the financial setbacks of the past four years.

Brent Crude Oil traded at $72.15 per barrel on Saturday, according to the Financial Times — down from just over $74 on Monday when US sanctions targeting Iran’s Islamic Revolutionary Guard Corps went into effect.

 

[6ly410]

Iraqi Kurdistan ‘repaid’ over $1 billion in loans: KRG finance minister. 

HEWLÊR-Erbil, Iraq’s Kurdistan region,— Iraqi Kurdistan Regional Government (KRG) has repaid several separate loans worth of more than $1 million, Finance and Economy Minister Rebaz Hamlan said on Thursday.

During a meeting with a delegation from the French Ministry for the Economy and Finance, Hamlan said that the Region has “passed the difficult days and we will continue to pursue reform related to customs, checkpoints, and taxes in order to increase incomes considerably.”

“We were able to repay a $500 million loan from the electricity producing stations, a $300 million loan from local contractors, and a $260 million loan from the private banks,” he said according to a statement published on the KRG Finance and Economy’s website.

The Kurdistan Regional Government draft general budget for 2019 is ready and we are waiting for the new cabinet. Government’s expenditure has decreased from 18 trillion Iraqi dinars ($15 billion) to 14 Iraqi trillion dinars ($11.7 billion).

Despite the repayments, the KRG still carries a significant amount of debt, owed to several local and foreign banks. Additionally, it owes public sector employees significant sums from the salary withholding scheme that ended earlier this year.

Kurdistan considered as the most corrupted part of Iraq. According to Kurdish lawmakers and leaked documents billions of dollars are missing from Iraqi Kurdistan’s oil revenues.

In December 2018, a Kurdistan Islamic Union (KIU) lawmaker in Iraqi Kurdistan Parliament, Sherko Jawdat Mustafa, claimed that the Kurdistan Regional Government (KRG) brings in over $1 billion per month, but that as much as $300 million of that goes missing each month.

According to local and international analysts the lack of control mechanisms in Iraqi Kurdistan makes it a paradise for illegal financial activities by the Kurdish ruling leaders.

There in no transparency in the budget and the incomes that have been hidden for the last 20 years, political observers say.

Dana Gas, its parent Crescent Petroleum and its partners filed a case against the Kurdistan Regional Government (KRG) in the London Court of International Arbitration in October 2013, accusing it of underpaying for gas liquids production.

In 2015 United Arab Emirates’ Dana Gas wins $1.98 bln Iraqi Kurdistan judgement. A London court has ordered the KRG to pay $1.98 billion to a consortium including Dana Gas of the United Arab Emirates.

In 2017 Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Kurdistan government for delays in oil and natural gas projects, a U.S. court filing shows.

According to a secret document leaked by whistle-blower organization Wikileaks in 2016 Iraqi Kurdistan Region’s Minister of Natural Resources, Ashti Hawrami, proposed a project to the Turkish Minister of Energy and Natural Resources regarding selling part of the oil fields’ divisions in Iraqi Kurdistan for $5 billion.https://ekurd.net/iraqi-kurdistan-repaid-loans-2019-05-03

Edited May 3, 2019 by 6ly410

[yota691]

Dana Gas announces higher profits by increasing production in Kurdistan region

Economy | 10:26 - 06/05/2019

 

 

 

(MENAFN Press 
) Dana Gas posted a 150% rise in net profit at the end of the first quarter ended March 31, 2019. 
The results showed net profit for the first quarter of 2019 rose to $ 35 million (AED 128 million) ) Compared to $ 14 million (AED 51 million) during the same period last year. 
The increase in net profit is mainly due to the increase in the company's production in the Kurdistan region of Iraq, which contributed to the addition of profits of $ 14 million, and compensate for the impact of the decline in production in Egypt and the decline in sales prices realized. 
In addition, the company reduced financing costs by $ 10 million during the first quarter of 2019, following the success of the Sukuk restructuring and purchase program.
On the other hand, the company's revenues remained stable at US $ 119 million (AED 436 million), compared to revenues of US $ 120 million (AED 440 million) during the same period of 2018. 
This is despite the decline in selling prices realized and the decline in production in Egypt , Which coincided with the recording of a significant increase in the production of the company in the Kurdistan region. 
According to the company's previous results, the company changed to AED 682 million at the end of last year, compared with AED 305 million in 2017. 
The provision for impairment decreased to AED 916 million from AED 132 million in 2017 in respect of valuations Annual oil and gas reserves for Al Zawra field in the United Arab Emirates, and the company's fields in Egypt.
Due to the company's exceptional profits during the year 2017 amounting to 418 million dirhams as a result of the reversal of surplus on maturity following the settlement agreement with the Kurdistan Regional Government.

[6ly410]

Pearl Petroleum to raise funds for investment in Kurdistan Region

 Kurdistan 24 |

19 minutes ago

 

http://www.kurdistan24.net/en/news/e56e53ea-c002-44c0-b095-b460f18f323b

 

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A gas processing plant run by Dana Gas in the Kurdistan Region. (Photo: Reuters)

 

Kurdistan Iraq Dana Gas Pearl Petroleum Crude 

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ERBIL (Kurdistan 24) – Pearl Petroleum, a consortium that oil and gas operator Dana Gas leads, has announced it will increase funds for its investments in the Kurdistan Region.

The chief executive of Dana Gas, Patrick Allman-Ward, told reporters on Monday that the funding would include a “mix of bank debt, a bond, Exim bank financing as well as contractor and vendor financing,” Reuters reported.

The oil and gas operator also announced a rise in its first-quarter profit from the output in the Kurdistan Region to USD 35 million, with production up six percent from the previous year.

In March, Pearl Petroleum signed a 20-year Gas Sales Agreement with the Kurdistan Regional Government (KRG) as part of a plan to expand its operations in the autonomous Kurdish region.

According to Dana Gas, the deal was meant “to enable production sales of an additional 250 MMscf/day that the Consortium aims to produce by 2021” from the Kor Mor and Chemchemal fields.

To date, Dana Gas has invested over USD 1.6 billion in the Kurdistan Region’s gas and energy sector, producing more than 260 million barrels of oil which the company says has provided “billions of dollars in fuel cost savings and wider economic benefits for the Kurdistan Region and Iraq.”

Dana Gas is an independent gas company headquartered in Sharjah, United Arab Emirates, that has been active in Kurdistan since 2007 when it entered into agreements with the KRG to develop its substantial gas resources. 

The oil and gas operator has a 35 percent stake in Pearl Petroleum, a consortium comprised of five oil and gas companies which focus on exploration and production of natural gas and liquids in the Kurdistan Region.

The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas. 

Updated17 minutes ago