To expand production in Kurdistan, Dana Gas sells two oil and gas fields in Egypt

[yota691]

 

To expand production in Kurdistan, Dana Gas sells two oil and gas fields in Egypt

 

•  

 2020-10-26 02:25

Shafaq News / "Dana Gas" agreed to sell its oil and gas fields in Egypt for an amount of $ 236 million, which would enable it to pay off the debts associated with the Islamic bonds that mature this month and to expand its production in the Kurdistan region.

The UAE-based company said it would receive $ 153 million in cash and up to $ 83 million in emergency payment for sale to IPR Energy Group . ".

Dana Gas had targeted the completion of the sale in the first quarter of the year to collect the necessary liquidity to pay the sukuk due at the end of this month, the sale was postponed due to the Corona virus.

CEO Patrick Allman said in the statement that the Egyptian deal allows Dana Gas to focus on expanding production in the Kurdish region in northern Iraq, thus Iraq will become the company's main area of operations.

And "Dana Gas" is the largest and first regional private sector company operating in the field of natural gas in the Middle East region. It was established in 2005 by 300 prominent founders from across the Gulf Cooperation Council countries, and the company's shares were listed on the Abu Dhabi Stock Exchange. It is headquartered in the Emirate of Sharjah, United Arab Emirates, and has a network of offices in the Kingdom of Saudi Arabia, the Kurdistan Region of Iraq, Egypt and the United Kingdom.

The company produces the equivalent of 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq.

 

 

[yota691]

Dana Gas: Kurdistan will become the company's main area of operations

11:17 - 10/26/2020

 

  

Al-Malouma / Baghdad ..
"Dana Gas" agreed to sell its oil and gas fields in Egypt for an amount of $ 236 million, which would enable it to pay off debts related to Islamic bonds that mature this month and to expand its production in the Kurdistan region.
The UAE-based company said it would receive $ 153 million in cash and up to $ 83 million in emergency payment for sale to IPR Energy Group. “.
Dana Gas had targeted the completion of the sale in the first quarter of the year to collect the necessary liquidity to pay the sukuk due at the end of this month, the sale was postponed due to the Corona virus.
CEO Patrick Allman said in the statement that the Egyptian deal allows Dana Gas to focus on expanding production in the Kurdish region in northern Iraq , and thus Iraq will become The main operations area of the company.
And “Dana Gas” is the largest and first regional private sector company operating in the field of natural gas in the Middle East region. It was established in 2005 by 300 prominent founders from across the Gulf Cooperation Council countries, and the company's shares were listed on the Abu Dhabi Stock Exchange. It is headquartered in the Emirate of Sharjah, United Arab Emirates, and has a network of offices in the Kingdom of Saudi Arabia, the Kurdistan Region of Iraq, Egypt and the United Kingdom.
The company produces the equivalent of 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq. End / 25

[yota691]

Dana Gas sells its onshore oil and gas assets in Egypt for $ 236 million

 

 

- 10-26-2020 06:13 PM - Number of readings: 18197

Dana Gas announced the sale of its onshore oil and gas-producing assets in Egypt for up to $ 236 million to IBR Energy.

The company said that it entered into a binding agreement with the IBR Al Wastani Petroleum Company Ltd., a subsidiary of the IBR Energy Group, to sell its onshore oil and gas-producing assets in Egypt.

This deal comes as a result of a comprehensive sale plan initiated by Dana Gas after negotiations with a number of potential buyers in the second quarter of 2019.

[horsesoldier]

14 hours ago, yota691 said:

 

To expand production in Kurdistan, Dana Gas sells two oil and gas fields in Egypt

 

•  

 2020-10-26 02:25

Shafaq News / "Dana Gas" agreed to sell its oil and gas fields in Egypt for an amount of $ 236 million, which would enable it to pay off the debts associated with the Islamic bonds that mature this month and to expand its production in the Kurdistan region.

The UAE-based company said it would receive $ 153 million in cash and up to $ 83 million in emergency payment for sale to IPR Energy Group . ".

Dana Gas had targeted the completion of the sale in the first quarter of the year to collect the necessary liquidity to pay the sukuk due at the end of this month, the sale was postponed due to the Corona virus.

CEO Patrick Allman said in the statement that the Egyptian deal allows Dana Gas to focus on expanding production in the Kurdish region in northern Iraq, thus Iraq will become the company's main area of operations.

And "Dana Gas" is the largest and first regional private sector company operating in the field of natural gas in the Middle East region. It was established in 2005 by 300 prominent founders from across the Gulf Cooperation Council countries, and the company's shares were listed on the Abu Dhabi Stock Exchange. It is headquartered in the Emirate of Sharjah, United Arab Emirates, and has a network of offices in the Kingdom of Saudi Arabia, the Kurdistan Region of Iraq, Egypt and the United Kingdom.

The company produces the equivalent of 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq.

 

 

To an old Oil & Gas field hand. . . This is a very very BIG DEAL 

[gregp]

28 minutes ago, horsesoldier said:

To an old Oil & Gas field hand. . . This is a very very BIG DEAL 

Yes it is. 

[Mary B]

Dana Gas puts its "world class" weight in Kurdistan after selling its onshore assets in Egypt

 Kurdistan24 Erbil |

October 26-2020     11:29 AM

 

 

 

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The Kurdistan Region estimates it has recoverable reserves of 45 billion barrels of oil - File Photo

 

 

ERBIL (Kurdistan 24) - The Emirati "Dana Gas" company placed its "world-class" weight in the Kurdistan Region after it agreed to sell its Egyptian land-producing oil and gas assets to (IBR Al-Wastani Petroleum), a subsidiary of the (IBR) Energy Group, in exchange for $ 236 million.

The company said in a statement posted on its website on Sunday that the sale of assets aims to "strengthen its financial position, and focus on developing its high-level assets in the Kurdistan Region of Iraq."

She added that the deal comes as a result of a comprehensive sales plan, which the company started after conducting a strategic review of its business in Egypt, and after entering into negotiations with a number of potential buyers in the second quarter of 2019.

The CEO of "Dana Gas", Patrick Allman-Ward, said that the sale of land assets in Egypt will contribute to "developing our world-class assets in the Kurdistan Region of Iraq."

He added that the Kurdistan Region contains "huge reserves of which our share exceeds one billion barrels of oil equivalent. These assets also contain enormous additional hydrocarbon resources that will be explored and developed in the future."

Dana Gas is the first and largest private Emirati company operating in the natural gas sector in the Middle East. Dana Gas owns assets in the fields of gas exploration and production in the UAE, Egypt and the Kurdistan Region at a production rate of 66,200 barrels of oil equivalent per day.

The Kurdistan Region is estimated to have recoverable reserves of 45 billion barrels of oil and 5.66 trillion cubic meters of gas, which are expected to increase with prospecting and exploration.

The President of the Kurdistan Regional Government, Masrour Barzani, said recently that the region's gas is distinguished by its reasonable price, abundance and purity, and that it could become a key sector for growth in Kurdistan and Iraq.

He added that this would create many new jobs, accelerate the economy and reduce the government's financial costs in producing electricity.

https://www.kurdistan24.net/ar/news/a9459948-e9b9-40e1-8fef-56c3e7c6b2b4