Exchange of 28 million dollars to foreign companies

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Dana Gas: No decision has been taken to list the company's shares on international exchanges

 

Arab and international Economy News _ Baghdad Dana Gas said that it is periodically evaluating all options that would create the most efficient capital structure, which would lead to higher returns to its shareholders, including the possibility of listing in other financial markets. Decision in listing so far. Views 16   Date Added 09/05/2019

 

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Gulf Keystone says oil production to reach 55,000 barrels per day in Kurdistan 

 Hiwa Shilani |

3 hours ago

https://www.kurdistan24.net/en/news/c4d3d40f-41a6-4945-966a-dd46846b405a

 

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The Sheikhan block which Gulf Keystone has invested in, located in the Kurdistan Region province of Duhok. (Photo: Reuters)

 

Kurdistan Oil Gulf Keystone 

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ERBIL (Kurdistan 24) – Gulf Keystone Petroleum announced on Saturday that the company would step up operations in the Kurdistan Region’s Sheikhan oil field to 55,000 barrels of oil per day (bpd).

In a statement released on its website, London-based Gulf Keystone described its operations for the first half of 2019 as “safe and secure.”

The statement highlighted that the “planned maintenance and the installation of equipment required for the 55,000-bpd project” are complete with plans to reach the target in the second half of 2020.

“The gross average production level in 2019 due to changes in the drilling schedule is expected to remain at the lower end of the 32,000 to 38,000 bpd,” it added.

Kawan Ismael, an expert on oil and crude contracts, told local media that the rises in production levels are significant for the Kurdistan Region “both economically and politically.”

“This will create more job opportunities as well as higher revenue for the Kurdistan Region,” he stated.

Ismael also noted that the production increase would “give Kurdistan leverage in oil talks between Erbil and Baghdad.”

In June 2013, Gulf Keystone commenced commercial production operations, and subsequently crude oil export sales, at two production facilities at the Sheikhan block which are currently capable of producing 40,000 bpd.

Gulf Keystone believes that oil reserves at Sheikhan are around 639 million barrels.

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Dana Gas raises its stake in two fields in Iraq

Banner with Dana Gas logo, photo archived

 28 July 2019 08:55 p

Dana Gas 
DANA

 

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Abu Dhabi - Mubasher: Dana Gas, listed on the Abu Dhabi Securities Market (ADX), has announced a 10 per cent increase in its proven and potential reserves in the Khoramor and Chamchamal fields in the Kurdistan region of Iraq.

The company's press release stated that its share of this will reach 2 billion barrels of oil equivalent to 990 million barrels of oil equivalent in 2016, following the recent approval by Gavin Klein Associates of the reserves of the two fields.

Petrolium is jointly owned by Dana Gas 35 per cent, Al Hilal 35 per cent, OMV, MOM and RWE 10 per cent.

According to the independent report issued by Gavin Klein & Associates, on behalf of Pearl Petroleum, Dana Gas's proven and potential reserves of Khorormor and Chamchamal were 4.4 trillion cubic feet of gas and 136 million barrels of Condensates, 13.3 million metric tons of LPG and 18 million barrels of oil.

In a previous report issued in 2016, Gavin Klein & Associates confirmed that Dana Gas's proven and probable reserves in the Khor Mor and Chamchamal fields were 5.3 trillion cubic feet of gas and 109 million cubic meters of gas. Barrel of condensate. 
 
On the other hand, the company pointed out that Pearl Petroleum aims to raise its production rates from 400 million cubic feet to 650 million cubic feet per day by 2022 and then 900 million cubic feet per day by 2023 by adding two new gas production lines . 
 
With oil prices ranging from $ 60 to $ 70 per barrel, the new lines would generate additional annual revenues of $ 175 to $ 200 million, added to the company's share of revenue and cash flows for the project, she said.

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"Dana Gas" sells its assets in Egypt and focuses its work in the Kurdistan region with a large capital

https://www.shafaaq.com/ar/اقتصـاد/دانة-غاز-تبيع-أصولها-في-مصر-وتركز-اعمالها-باقليم-كوردستان-برأسمالي-كبير/

2019/07/28 12:55:52

 

(Reuters) - Dana Gas has authorized the investment bank Theodore Pickering Holt & Co. to advise it to sell its assets in Egypt worth more than $ 500 million, while the company is shifting to focus on its activities in the Kurdistan region of Iraq. According to Reuters.
One of the exporters said that the energy company listed in Abu Dhabi, and its main assets in Egypt and the Kurdistan Region of Iraq, is considering an alternative listing in London and focuses on one geographical area that may be attractive to investors in the company in the future.
The two sources requested anonymity because of this information.
A spokesman for Dana Gas declined to comment, but Theodore Pickering Holt & Co did not respond to the comment request sent in non-working hours.
Dana Gas's exploration and production assets in Egypt are land assets in the Nile Delta region with the exception of Sector VI in the Eastern Mediterranean.
In May, the company began drilling at the Mirak-1 berth in Sector VI, saying it could contain up to four trillion cubic feet of gas.
Dana said on Sunday in a notice to the bourse that the drilling did not result in the discovery of gas in commercial quantities and therefore the well was closed and left, but added that its operations in Egypt continue production normally.
The first source pointed out that the gas producer started marketing its assets in Egypt in the past few weeks, and that it has received interest from the market but there are no buyers yet, adding that the value of the assets "more than 500 million dollars."
The source said that the decision to sell assets in Egypt is "strategic", as Dana wants to focus its resources on investments in the Kurdistan Region of Iraq, where it has large capital spending requirements and sees potential for growth.
In a second notice to the stock exchange on Sunday, Dana said an independent report showed that the fields in which Dana owns stakes in the Kurdistan Region include "the largest gas reserves in Iraq."
Pearl Petroleum, a consortium with a majority stake in Dana Gas and Crescent Petroleum, plans to increase gas production from the Khorormur field in the region to 650 million standard cubic feet per day by 2022 and produce 900 million cubic feet per day by 2023, Dana said.
The $ 700 million expansion plan will include the addition of two new production lines as well as the drilling of new wells to raise current production rates of 400 million cubic feet per day, Dana Gas and Crescent Petroleum reported in March when they announced an agreement to sell gas with Kurdistan Regional Government of Iraq for 20 years.
In May, Dana's chief executive said Pearl Petroleum would raise funds for Kurdistan's investments through more than one type of financing.
He said at the time that the capital expenditure of Dana in Kurdistan Iraq in 2019 estimated between 70 million and 90 million dollars, while estimated capital expenditure in Egypt by about 90 million dollars this year.
Dana, with a cash balance of $ 442 million at the end of the first quarter, triggered a shake-up in the Islamic finance industry in 2017 when it stopped paying $ 700 million worth of sukuk, calling it illegal in the United Arab Emirates.
After a long and complex legal dispute, the company reached a restructuring agreement with its creditors in May last year.

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Exclusive: The rise in return in Iraq pays Dana Gas to structure its investments in the region

Banner with Dana Gas logo

 28 July 2019 04:43 PM

Dana Gas 
DANA

 

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Abu Dhabi - Mubasher Mubasher: Dana Gas, listed on the Abu Dhabi Securities Market, is currently restructuring its investments in the Middle East, particularly in Egypt .

"The company has been appointed to the investment bank Theodore Pickering Holt & Co. to advise on the sale of its assets in Egypt, estimated at 500 million dollars," the source said in a statement to Mubasher on Sunday .

The source, who preferred anonymity, said that the reason for the company 's search in the sale of its assets in Egypt is that the return on investment from its operations in Iraq , according to the best accounts , "Dana Gas " from its operations in Egypt .

The current production rate in Egypt is more than 34 thousand barrels of oil equivalent per day .

Egypt has the largest gas field in the Mediterranean, a giant back field with reserves of about 30 trillion cubic feet .

The company revealed in September that there are currently underway plans to increase the production of Pearl Petroleum by 170 percent by 2021. Pearl Petroleum is a joint venture between Crescent Petroleum and Dana Gas to undertake exploration and production in the region Iraqi Kurdistan .

Currently, the share of "Dana Gas" 35 percent of the company , "Pearl Petroleum" , which owns the franchise rights fields " Khurmur" and "Chamchamal" which contain huge reserves of gas .

The company announced today the increase of its share of confirmed and potential reserves in the fields of "Khoramor" and "Chamchamal" of the company, "Pearl Petroleum" by 10 percent, to one billion barrels of oil equivalent to 990 million barrels of oil equivalent in 2016, Gavin Klein Associates "recently on the reserves of the two fields .

According to the independent report issued by Gavin Klein & Associates, on behalf of Pearl Petroleum, Dana Gas's proven and potential reserves of Khorormor and Chamchamal were 4.4 trillion cubic feet of gas and 136 million barrels of Condensates, 13.3 million metric tons of LPG and 18 million barrels of oil .

With oil prices ranging from $ 60 to $ 70 per barrel, both new lines would generate additional annual revenues of between $ 175 million and $ 200 million, added to the company's share of revenue and cash flow for the project .

Earlier, Dana Gas reported a net profit rise of 150 percent by the end of the first quarter ended March 31, 2019. It is expected to announce its results for the first half of this year in the coming days .

Dana Gas is a private sector 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 UAE, Egypt and the Kurdistan region of Iraq at the rate of production of 67.6 thousand barrels of oil equivalent day .

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Khor Mor gas field production to double, surplus gas can be exported: Dana Gas CEO

5 minutes ago  |  28 Views

https://www.rudaw.net/english/business/29092019

Dana Gas CEO Dr. Patrick Allman-Ward, Photo: Rudaw

 

ERBIL, Kurdistan Region — Over two hundred million cubic feet of gas per day could be sold by Dana Gas, a main operator of Khor Mor field in the Kurdistan Region, to Turkey or Iraq, the company’s CEO told Rudaw in an exclusive interview.

Pearl Petroleum Consortium, made up primarily of the United Arab Emirates-based Dana Gas and Crescent Petroleum, is currently producing 400 million cubic feet per day (mmscfd) of gas in Kurdistan Region’s Khor Mor field, Produced gas is used entirely for power plants in the Kurdistan Region.

Pearl Petroleum signed a Gas Sales Agreement (GSA) with the KRG in February 2019 to increase production levels to more than double production to 900 mmscfd, which would not only fulfill local demand but also allow for export of gas to Iraq or neighboring countries.

Completion of new production facilities at the Khor Mor gas field mean the increase in production can now be made, Dana Gas CEO Dr. Patrick Allman-Ward told Rudaw on the sidelines of the 24th World Energy Congress in Abu Dhabi.

“The additional 250 mmscfd that we have signed the GSA for with Ministry of Natural Resources will produce 650 mmscfd. That is destined entirely for power generation. The second train of 250 mmscfd, Pearl has the right to market that gas independently. We are looking at different potential markets for that gas.”

“One of those potential markets is to supply, in addition the remaining incremental need for gas in Kurdistan Region. Our understanding is that, although there is installed generative capacity to take 900 mmscfd in the Kurdistan Region, there is not currently need for electricity demand that would be generated with consumption of that gas.”

“The 250 mmscfd that Pearl has the right to market, it could potentially be used for exports,” Allman-Ward asserted.

“We are interested in the idea of exporting gas, particularly the second train of 250 mmscfd. We think it is important to prove concept of gas export from the Kurdistan Region to the other places. Particularly of interest to us is Turkey. Turkey has huge gas demand,” added the Dana Gas CEO.

“We think that Turks should be interested in gas, large resources of gas that lie exactly right next door in a friendly country that could supply in the initial phases some gas, but has the potential going forward to supply very substantial portion of Turkey’s total gas demand.”

Allman-Ward adds prices of gas from Khor Mor, a field onshore and close to Turkey, make it “competitively” placed for gas sale.

Beyond Khor Mor, Dana Gas have run successful tests on the nearby Chamchamal field.
“We are not at the moment developing the Chamchamal field. Having said that … we have now confirmed the presence of very significant gas resources in the Chamchamal field as well,” said Allman-Ward.

They are now discussing the start of production at Chamchamal with the Ministry of Natural Resources of the Kurdistan Region through an “early production facility.”

When asked if Chamchamal had the potential to match the reservoir and the potential of Khor Mor, Allman-Ward said “absolutely.”

Dana Gas have been operating in Khor Mor since 2007, and first extracted gas from the field in 2009. The field is believed to house 75 trillion cubic feet of gas.

 

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Dana Gas's share of operational receivables in Iraq increases

One of the projects of Dana Gas Company

 10 November 2019 09:16 AM

DANA Gas

 

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Abu Dhabi - Mubasher: Dana Gas, the Abu Dhabi-based natural gas company in the Middle East, has increased its share of payments received from Iraqi Kurdistan at the end of the first nine months of this year.

According to a statement, Dana Gas's share of Pearl Petroleum's sales in the Kurdistan region and Iraq during the period increased by 16.7 percent to US $ 230 million, or AED 844 million.

The share of Dana Gas, which owns 35 per cent of Pearl Petroleum, in cash payments received from condensate sales, liquefied petroleum gas and natural gas in the Kurdistan region of Iraq increased by 52 per cent during the same period to reach 118 million dollars compared to 77 million dollars. Over the same period last year.

Dana Gas received a $ 68.3 million cash dividend from Pearl Petroleum over the period.
 

Dana Gas's share of proven and weighted hydrocarbon reserves in Pearl's Chamoram and Chamchamal fields has increased by 10%.

This follows Gavney Klein & Associates's recent independent report on the reserves of both fields.

The total share of Dana Gas increased to 1.087 million barrels of oil equivalent, compared with 990 million barrels of oil equivalent at the time of the first Gavne Klein & Associates reserves report in April 2016.

Dana Gas, listed on the Abu Dhabi Securities Exchange, is currently restructuring its investments in the Middle East, particularly in Egypt, and earlier appointed the investment bank Theodore Pickering Holt & Co. to advise on the sale of its $ 500 million assets in Egypt.

A source told "Mubasher" earlier that the reason for the company's search to sell its assets in Egypt is that the return on investment from its operations in Iraq is better according to the calculations of "Dana Gas" than its operations in Egypt.

The company's current production in Egypt is more than 34 thousand barrels of oil equivalent per day.

Egypt has the largest gas field in the Mediterranean, the giant Zohr field, which has reserves of about 30 trillion cubic feet.

In September, the company revealed plans were underway to increase Pearl Petroleum's production by 170 percent by 2021. Pearl Petroleum is a joint venture between Crescent Petroleum and Dana Gas to undertake exploration and production. In the Kurdistan region of Iraq.

Currently, Dana Gas has a 35 per cent stake in Pearl Petroleum, which owns the Khormor and Chamchamal franchisees, which have huge gas reserves.

The statement said that the cash payments received by the company for its operations in the UAE amounted to 7.3 million dollars.

In terms of financial results, Dana Gas's quarterly profit in the second quarter of 2019 jumped more than 10-fold compared to the second quarter of 2018 to AED 385 million, compared to AED 37 million in the second quarter of last year.

Profit for the first half of 2019 rose to around AED 513 million ($ 140 million), compared to AED 88 million ($ 24 million) in the first half of 2018.

The main reason for the increase was a performance-related contractual entitlement of $ 71 million.

Revenues in the period rose nearly 3 percent to 887 million dirhams ($ 242 million), thanks to higher production from the Kurdistan region of Iraq, which added 99 million dirhams ($ 27 million).

Dana Gas is a private sector company operating in the natural gas field in the Middle East. Founded in December 2005, Dana Gas is listed on the Abu Dhabi Securities Exchange (ADX). 

Dana Gas has assets in the fields of gas exploration and production in the UAE, Egypt and the Kurdistan region of Iraq with an average production of 67.6 thousand barrels of oil equivalent per day.

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An Iraqi oil company invests more than $ 3 billion in Iraq

Editing Date: 10/12/2019 15:29 • 73 times read

International: Al Furat News: Majid Jaafar, CEO of the Iraqi-based Crescent Petroleum Company, said on Tuesday that the company is investing more than three billion dollars in Iraq.

He added during a meeting in a conference in Abu Dhabi, "We have invested more than three billion dollars in Iraq over the past ten years, and this rate is increasing."
In March, a consortium led by Crescent and Dana Gas signed a twenty-year gas sales agreement with the Kurdistan Region of Iraq.

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Agency: Iraqi Kurdistan government postpones payments for "Jinel" and "Gulf Keystone" oil

Oil - Emoji

 December 12, 2019 11:46 PM

 

Direct: The two London-based oil production companies, Genel and Gulf Keystone, reported that the Kurdistan Regional Government of Iraq postponed payments due to them for a few weeks .

Gulf Keystone said on Thursday that it had received a notification from the Kurdistan Regional Government's Ministry of Natural Resources stating that payments related to oil production for August and September due in November and December will be made in January 2020, according to Reuters news agency .

Genel issued a statement identical to Gulf Keystone .

It is noteworthy that the payments due to the two companies come against production sharing contracts concluded with the Kurdistan Regional Government .

Genel produces about 37 thousand barrels per day, net in Kurdistan, while Gulf Keystone produces just a little more than 30 thousand barrels per day in total in the region .

A spokesman for Jinel said: "The payments have been regularized for more than four years and we are confident of the Ministry of Natural Resources' ability and willingness to pay and pay the arrears as announced ."

He continued: "This is a temporary issue and it does not affect our positive view of work and investment in the Kurdistan region of Iraq ."

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Dana Gas receives 42 million dollars in distributions from Iraqi Kurdistan

One of Dana Gas's business locations

 December 24, 2019 11:16 AM

Dana Gas
DANA

 

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Abu Dhabi - directly:  revealed  Dana Gas  listed on Abu Dhabi Securities Market for receiving an exceptional batch of cash profits from the Pearl Petroleum Company worth 154 million dirhams ($ 42 million) of joint operations in the Kurdistan region of Iraq.

According to the company’s statement to the stock exchange, this payment comes after distributing 120 million dollars out of 400 million dollars that the Kurdistan Regional Government had paid to the Pearl Petroleum Coalition companies.

The company noted that after obtaining this payment, the total value of cash payments received during the current year in the Kurdistan Region of Iraq reached 443 million dirhams (121 million dollars).

Last month, Dana Gas said that its share of the payments received from the financial dues in the Kurdistan Region of Iraq increased at the end of the first nine months of 2019 .

Regarding the financial results of the company,  Dana Gas profits jumped by 246 percent at the end of the first nine months of 2019 to reach 521 million dirhams, compared to 149 million dirhams ($ 41 million) in the same period of 2018.

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Dana Gas ‘confident’ of expansion plans in Kurdistan Region

 Kurdistan 24 |

5 hours ago

 

https://www.kurdistan24.net/en/news/62288d6c-7e92-482d-8af1-18c992271887

 

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Dana Gas, headquartered in Abu Dhabi, has its main assets in Egypt and the Kurdistan Region. (Photo: Archive)

 

Dana Gas Oil Kurdistan Region Kurdistan 

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ERBIL (Kurdistan 24) – Oil and gas operator Dana Gas said on Tuesday that it is confident with its plans to expand its operations in the autonomous Kurdistan Region following payments it received from sales of gas and liquids.

In an official statement on its website, Dana Gas said it “has received a one-off $42 million (AED 154 mm) dividend payment from Pearl Petroleum” in the Kurdistan Region.

Pearl Petroleum is a consortium majority-owned by Dana Gas and its affiliate Crescent Petroleum. Dana Gas owns a 35 percent stake in Pearl Petroleum. 

CEO Patrick Allman-Ward said the timely receipt of payments provides Dana Gas and its partners “with the confidence to push forward with our expansion plans.”

“We hope to soon move forward with the construction phase for the next 250 MMscf/d gas train. This will raise production by over 60 percent when fully operational in 2022 [and] will also further boost local power generation capacity.”

In July, Dana Gas said it looked forward to strengthening its “flourishing partnership” with the Kurdistan Regional Government (KRG) after the company announced a significant increase to its H1 2019 compared to the year prior.

 

Dana Gas, headquartered in Abu Dhabi, has its main assets in Egypt and the Kurdistan Region.

The oil and gas firm also previously announced a new oil discovery in its Kurdistan Region fields, thought to have potentially the largest gas reserves in the country.

 

 

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Exchange of 28 million dollars to foreign companies

News / Economics :: 16 hours ago :: 89‌ readings

 

DoF / Follow-up
Both the Gulf and Gulf Keystone companies announced receipt of late payments from the Kurdistan Regional Government.

The two companies said last month that August payments due to the two companies under production sharing contracts with the Kurdistan Regional Government were postponed for a few weeks.

Gulf Keystone said it had received a total payment of $ 21.7 million from the Kurdistan Regional Government on sales of crude oil from the Sheikhan field during August.

Jinel said it had received a total of $ 6.7 million in payments for August sales from the Taq Taq field from the Kurdistan Regional Government.

Representatives of the two companies said the payments cover the full amount due for August.

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Emirati "Dana Gas" confirms that its business in Iraq has not been affected by the recent tensions

Banner bearing the logo of Dana Gas Company

 January 09, 2020 11:42 AM

Dana Gas
DANA

 

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Mubasher - Mahmoud Jamal: Dana Gas, listed on the Abu Dhabi Stock Exchange, confirmed that its business was not threatened by the Kurdistan region of Iraq after the escalation of geopolitical conditions in the recent period .

On Wednesday, Iran launched a missile attack on the Iraqi Ain al-Assad airbase, which includes units of the US military, in response to the US strike that killed Qassem Soleimani, commander of the Iranian Revolutionary Guard Corps last Friday .

Mohammed ovaries head of investor relations at the company , " Dana Gas" for "direct" The company 's business is going normally and quite distant from the area of current events in Iraq .

He pointed out that the company is constantly taking all precautionary measures to hedge and protect its business in Iraqi Kurdistan .

The Mobaideen explained that the company has assets in Iraqi Kurdistan worth more than (1.6 billion dollars) and has been operating continuously without interruption since 2008, despite all the events in the region .

He stressed that "Dana Gas" still intends to double its production there to 900 million cubic feet per day by 2023, pointing out that the company is also targeting expansion in the Kurdistan region, by adding two gas production lines with a production capacity of 250 million cubic feet per day .

The company "Pearl Petroleum" joint venture between the "Crescent Petroleum" and "Dana Gas" the tasks of exploration and production in the Kurdistan region of Iraq .

And revealed, "Dana Gas" received an exceptional payment last December of cash profits from Pearl Petroleum Company worth 154 million dirhams (the equivalent of 42 million dollars), from its joint operations in the Kurdistan region of Iraq. Its share of payments received at the end of the first nine months of last year increased by 52 percent over the same period, to $ 118 million.

Dana Gas, listed on the Abu Dhabi Financial Market, is currently restructuring its investments in the Middle East, especially in Egypt. Earlier, the company was appointed to the investment bank Theodore Pickering Holt & Co. to provide advice on the sale of its assets in Egypt, which is estimated at $ 500 million .

Dana Gas is a private sector company working in the field of natural gas in the Middle East. It was established in December 2005 and is listed on the Abu Dhabi Stock Exchange (ADX). 

Dana Gas has assets in the fields of gas exploration and production in the UAE, Egypt and the Kurdistan region of Iraq, with a production rate of 67.6 thousand barrels of equivalent oil per day .