Dana Gas receives $131 million from Kurdistan Region

[yota691]

Dana Gas responds to a Kurdish official about her contract with the region

•  Time: 02/08/2021 00:07:15
•  
•  Read: 3,497 times

  

{International: Al Furat News} The UAE Dana Gas Company responded to the statements of the Chairman of the Natural Resources Committee in the Parliament of the Kurdistan Region, Ali Hama Salih, indicating that it had a contract with the Kurdistan Region under the name "Petroleum Development Agreement", and it was approved by an international court.

Ali Hama Salih said in a previous statement on Sunday that "according to the Ministry of Natural Resources data, the Kurdistan region has 200 trillion cubic feet of natural gas, and if compared to its population, it is the first in the world in terms of natural gas waste." 
Dana Gas said in its response that "the Kurdistan region is not in the eighth sequence in the world, nor even in the 30th sequence."  
According to Dana Gas, according to the contract concluded with the Kurdistan region, the company invested more than two billion dollars, "and if it was a draft contract only and did not include appropriate legal obligations, the company would not have had to do so."  
According to Ali Hama Salih, the Kurdistan region “did not return any natural gas revenues to the public treasury,” while Dana Gas won about two trillion and 237 billion dinars from the court due to “errors in gas contracts.”
The company said, "Ali Hama Saleh may mean 2.2 billion, not trillions, which is incorrect and misleading to a large extent." Free gas and its supplies to power plants in the Kurdistan region.
 Dana Gas added that "liquid gas prices are still below international standards," indicating that "liquid gas is determined by a clear and transparent bidding process by the liquid gas companies, and it is still less than international standards."
The company pointed out that it now provides 80 percent of the electricity in the Kurdistan region.
 In another part of his speech, a member of the Finance Committee in the Kurdistan Parliament said, "Investing in natural gas is not that difficult, but exports and marketing are difficult."
According to Danagaz, production and investment in natural gas are "much more dangerous than the oil project" and that the companies that came to the Kurdistan region were busy with oil production. 
It is noteworthy that Dana Gas is the largest private company for producing natural gas in the Middle East.
Ammar Al-Masoudi

[yota691]

Dana Gas: We have an oil development agreement with the Kurdistan Region

 

Dana gas fields in the Kurdistan Region

energy Economy News - Baghdad Dana Gas responded to the statements of the Chairman of the Natural Resources Committee in the Parliament of the Kurdistan Region, Ali Hama Salih, indicating that it has a contract with the Kurdistan Region under the name of "Petroleum Development Agreement", and was approved by an international court. Ali Hama Salih had said that "according to the data of the Ministry of Natural Resources, the Kurdistan Region has 200 trillion cubic feet of natural gas, and if compared to its population, it is the first in the world in terms of natural gas waste." Dana Gas said that "the Kurdistan Region is not in the eighth sequence in the world, nor even in the 30th sequence." According to Dana Gas, according to the contract concluded with the Kurdistan Region, the company invested more than two billion dollars, "and if it was a draft contract only and did not include appropriate legal obligations, the company would not have had to do so." According to Ali Hama Salih, the Kurdistan Region “did not return any natural gas revenues to the public treasury,” while Dana Gas won about two trillion and 237 billion dinars from the court due to “errors in the gas contracts.” The company said that "Ali Hama Saleh may mean 2.2 billion, not trillions, which is incorrect and largely misleading." Free gas and supplies to power plants in the Kurdistan Region. Dana Gas added that "liquid gas prices are still below international standards," indicating that "liquid gas is determined by a clear and transparent bidding process by the liquid gas companies, and it is still less than international standards." The company pointed out that it now provides 80 percent of the electricity in the Kurdistan Region. In another part of his speech, a member of the Finance Committee in Kurdistan Parliament said, "Investing in natural gas is not that difficult, but exports and marketing are difficult." According to Dana Gas, production and investment in natural gas are "much more dangerous than the oil project" and that the companies that came to the Kurdistan Region were busy producing oil. It is noteworthy that Dana Gas is the largest private company for producing natural gas in the Middle East.

Number of observations 223   Date added 02/08/2021

[yota691]

After its loss, the Emirates Dana Gas Company seeks to expand its investment in Kurdistan with an American loan

16:15 - 11/02/2021

 

  

Information / translation ...

The UAE Dana Gas Company recorded a loss of $ 376 million in 2020 due to lower oil prices, while the CEO of the company, Patrick Alman, said, on Thursday, that the company is seeking to obtain a $ 250 million loan from the US government to expand gas activities in the Kurdistan region of Iraq .

"The Development Finance Corporation (DFC) from which the company is seeking to obtain a loan is the financing arm of the US federal government that provides support for private development in low and middle income countries," the British newspaper The National quoted in a report translated by Al-Maaloumah.

“The Sharjah-based gas company is going through different steps that need to be taken when it comes to securing bipartisan financing,” said Patrick Alman, CEO of the German company. “Of course, they want to increase the amount of gas production in Iraq to reduce Iraq's dependence on gas imports. So there is a lot of Iranian support for that. ” According to him.

"The company plans to raise the total production from the Khor Mor and Chamchamal fields to 880 million cubic feet per day, by 36 thousand barrels per day of condensate this year, as the increase in production will require two gas processing lines with a capacity of 250 million cubic feet per day for each of them," he added.

The report indicated that "the challenges of Iraq with the development of local resources and the burning of gas necessitated the need to secure exemptions from the United States government in order to continue importing gas from Tehran to secure electric power." End / 25 z

[yota691]

Dana Gas plans to secure $250m for expansion of Kurdish gas assets

 

The company posted net loss of $376m for 2020 due to lower oil prices

 

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Dana Gas is in discussions to secure a $250 million loan from the Development Finance Corporation to expand its gas production activities in the Kurdistan Region of Iraq, its chief executive said on Thursday.

The DFC is the US federal government's financing arm that provides support to private development in lower and middle income countries.

The Sharjah-based gas company has been going through "various steps that need to be done" when it comes to securing the financing, which has "bipartisan support", Patrick Allman-Ward said on a conference call on Thursday.

 

"They want, of course, to increase the amount of gas production in Iraq, and thereby reduce reliance of Iraq on Iranian gas imports so there's a lot of support for it," he said.

Dana Gas will use the proceeds to develop its Khor Mor field, where it is targeting higher production of gas and condensate, a lucrative liquid associated with production of the fuel.

 

The company plans to raise total production from Khor Mor and Chemchemal fields to 880 million cubic feet per day, with 36,000 barrels per day of condensate this year. The production increase would require two gas processing trains with a capacity of 250 million cf/d each.

Baghdad has been urged by Washington to curb its reliance on Iranian gas imports, which it procures to plug a domestic shortage of fuel for electricity.

Iraq's challenges with the development of domestic resources and gas flaring has necessitated the need to secure waivers from the US government in order to carry on trading with sanctions-hit Tehran.

On Thursday, Dana Gas reported a net loss of $376 million in 2020 compared with a net profit of $157m in the previous year, due to lower oil prices and the economic impact of the Covid-19 pandemic.

Revenue fell 24 per cent to $349m in 2020 from the year-earlier period due to lower realised prices and less production in Egypt, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.

"Despite the challenges imposed by the global pandemic, we exited the year in a robust financial position with a strong balance sheet, having agreed upon the sale of our Egypt onshore assets, redeeming our outstanding sukuk and entering into a new credit facility at a lower interest rate," Mr Allman-Ward said.

The company plans to advance the development of its assets in Iraq's Kurdistan Region, which account for 90 per cent of Dana Gas' estimated reserves of 1 billion barrels of oil equivalent (boepd).

Overall production declined 5 per cent last year, dropping to 63,200 boepd. However, production increases in the KRI, which rose by 2 per cent helped offset drops in Egypt due to the natural decline of fields.

Mr Allman-Ward said that he was neither "overly pessimistic, nor overly optimistic" about oil prices this year.

International benchmark Brent and its US counterpart have surged nearly 12 per cent over the last month, with the former forecast to reach $70 per barrel from its $60 levels by mid-year.

"Oil prices will remain at the current level for the remainder of the year" he said, while cautioning that a huge amount of spare capacity from producers such as Saudi Arabia could be ramped up in the future.

Dana Gas does not expect to make any revisions to its capital expenditure this year.

Updated: February 11, 2021 02:02 PM

[yota691]

Dana Gas receives new funds for its operations in Iraqi Kurdistan

Economie| 03:33 - 20/04/2021

 

 

 

 

Baghdad - Mawazine News
, "Dana Gas" announced that "Pearl Petroleum Ltd." ("Pearl Petroleum") has received $ 151 million (553 million dirhams) from sales of gas, condensate and liquefied petroleum gas in the Kurdistan region of Iraq since the beginning of the year until now. The Kurdistan Regional Government shall pay the amounts due in full and on time.
Dana Gas owns 35% of the shares of Pearl Petroleum, thus its share of the payments received by Pearl Petroleum in the Kurdistan Region of Iraq so far amounts to $ 53 million (194 million dirhams). Of the total payments received this year, Pearl Petroleum received $ 24.6 million of its arrears, and Dana Gas’s share was $ 8.6 million. Late dues of "Pearl Petroleum" from the Kurdistan region of Iraq decreased to reach 42 million dollars, after paying the last payment. Dana Gas’s share of it reached 14.8 million dollars. In light of the current oil prices, it is expected that all arrears will be settled during the third quarter of this year.
Khormore station expansion
The Kurdistan region of Iraq witnessed a large productivity jump during the last quarter of 2020 thanks to the expansion works of the Khormore plant that was completed last July. As a result, Dana Gas continued to record strong operating performance in the first three months of 2021; Its gas production in the region increased by 12%, at a rate of 439 million standard cubic feet per day in the first quarter, compared to 391 million standard cubic feet per day in the same period last year. This increase contributed to the Group's total production increase by 9% to reach 35,300 barrels of oil equivalent per day in the first quarter of 2021 compared to 32,400 barrels of oil equivalent per day in the first quarter of 2020.
"We are very pleased with the strong performance recorded by our assets in the Kurdistan region of Iraq during the first three months of this year, which will reflect positively on the company's profitability in light of the current oil prices," said Patrick Allman Ward, CEO of Dana Gas. The region has paid its previous dues, we expect to receive all of our late receivables by the end of the third quarter of this year. Last year. ”Ended 29 / h

[yota691]

An investment of $ 600 million to increase the production of the "Khor Mor" field in the region within two years

 

An oil field in the Kurdistan region

energy Economy News - Baghdad Dana Gas and Crescent Petroleum have resumed the expansion project in the Khor Mor field in the Kurdistan region as a whole. According to a joint statement, the project, which the two companies jointly operate on behalf of the Pearl Petroleum consortium, involves an additional $ 600 million investment in gas production to increase gas production by 250 million standard cubic feet per day to meet the urgent domestic need for energy supply. The construction work of the project has been postponed due to the Corona pandemic, and has now resumed in preparation for the start of production in April 2023, following the agreement with the Kurdistan Regional Government and the contractor to declare the status of force majeure. The gas produced by the two companies at present covers more than 80% of the electricity production operations in the Kurdistan region. Kurdistan Gas Total investment in the project so far exceeds $ 2 billion, with a cumulative production of more than 332 million barrels of oil equivalent. The Kurdistan Gas Project was established in 2007 according to an agreement concluded by "Dana Gas" and "Crescent Petroleum" with the Kurdistan Regional Government, which gives them exclusive rights to evaluate, develop, produce, market and sell petroleum and natural gas from the "Khor Mor" and "Chamchamal" fields in Iraqi Kurdistan. . In October 2008, production work began on the plant that was built to operate the project in "Khor Mor" in a record period of not more than 15 months. In 2009, a consortium of "Pearl Petroleum" was formed that includes "Dana Gas" and "Crescent Petroleum" as shareholders, joined by "OMV", "MOL", and "RWE" with a 10% stake each.

Number of observations 274   Date of addition 04/26/2021

[yota691]

An increase in the value of cash payments received by Dana Gas from Kurdistan and Egypt

 

energy Economy News _ Baghdad Dana Gas, listed on the Abu Dhabi Securities Exchange, announced, on Thursday, an increase in the value of cash payments received during the first half of 2021 from its operations in the Kurdistan Region of Iraq and Egypt. The company said in a statement seen by "Al-Iqtisad News", that "the value of cash payments received during the first half of 2021 from its operations in the Kurdistan Region of Iraq and Egypt increased by 106% on an annual basis to reach $185 million, thus recording its highest levels in more than a year. 5 years". She added that "the share of Dana Gas, which owns 35% of the shares of Pearl Petroleum (Pearl), from the cash payments received from sales of condensate, liquefied petroleum gas and gas in the Kurdistan Region of Iraq increased by 85% to reach $87 million during the first half of 2021. compared to $47 million in the same period last year. In this regard, CEO Patrick Allman-Ward said, “We are currently witnessing one of the best periods of collecting cash payments over the past several years, and this is due to the strong recovery in oil prices.” The governments of Egypt and the Kurdistan Region continue their commitment to meet the payment of outstanding payments, ensuring that investors in the petroleum sector receive their outstanding and overdue payments and funds on time. "Of course, this step enhances our great confidence in reinjecting investments into our operations in the Kurdistan Region, which is witnessing the implementation of our expansion plans there with high efficiency and effectiveness, and we are currently working on implementing our expansion project there, which includes building a gas processing line with a capacity of 250 million cubic feet per day," he added. The construction work is on track and is scheduled to be completed and gas production to start in the second quarter of 2023.” The company had received cash dividends from Pearl Petroleum of $48.3 million during the first half of this year.

Views 114   Date Added 07/15/2021

[yota691]

Dana Gas: Doubles the cash payments received from our operations in Egypt and Iraqi Kurdistan

Dana Gas Company

 July 15, 2021 09:42 AM

Abu Dhabi – Mubasher: Dana Gas announced today, Thursday, that the value of cash payments received during the first half of 2021 from its operations in the Kurdistan region of Iraq and Egypt increased by 106 percent on an annual basis.

 

The company explained in a statement that the value of cash payments amounted to 185 million dollars (678 million dirhams), marking its highest level in more than 5 years .

The share of Dana Gas, which owns 35% of Pearl Petroleum (Pearl) shares, of cash payments received from sales of condensate, liquefied petroleum gas and gas in the Kurdistan Region of Iraq increased by 85% to reach $87 million during the first half of 2021, compared to $47 million During the same period last year .

The company received cash dividends from Pearl Corporation, amounting to 48.3 million dollars during this period .

Dana Gas' share of Pearl Petroleum's revenues during the first half of this year amounted to $87 million and $74 million in EBITDA.

Its share amounted to 57 million dirhams of the net profits of Pearl Petroleum, 61 million dollars of net cash available to Pearl, and 93 million dollars of its total debt .

The company's share of the capital expenditure required to complete the expansion work of the first gas processing lines (Khormore 250) is $220 million, financed by Pearl Petroleum .

The company said that it received cash payments of $98 million in Egypt during the first half of 2021, compared to $43 million during the same period in 2020; This represents an increase of 128 %.

Patrick Allman-Ward, CEO of "Dana Gas", said that the company is currently witnessing one of the best periods of collecting cash payments over the past several years, indicating that this is due to the recovery in oil prices .

He added that the governments of Egypt and the Kurdistan Region of Iraq continue their commitment to fulfilling the payments due, in order to ensure that investors in the petroleum sector receive their money and their overdue and overdue payments on time .

He explained that work is currently underway to implement an expansion project in the Kurdistan region of Iraq, which includes building a gas processing line with a capacity of 250 million cubic feet per day.

 He pointed out that the construction work is on the right track, and is scheduled to be completed and gas production to begin in the second quarter of 2023 .

He added that efforts are being made in Egypt to maintain production levels and prepare to start drilling an exploratory well in the offshore exploration concession area in Sector Six, which contains potential resources estimated at more than 20 trillion cubic feet of natural gas .

Dana Gas' profits rose   by 42 percent during the first quarter of 2021, on an annual basis .

The company’s net profit increased by 41 percent in the first quarter of 2021 to reach 88 million dirhams, compared to 62 million dirhams in the same period in 2020.

[SocalDinar]

Dana Gas collections up 106% in H1

• 6 hours ago
•  

Dana Gas records the highest level of H1 collections amid higher hydrocarbon prices.

Dana Gas, the Middle East’s largest regional private sector natural gas company announces that its H1 2021 collections from the Kurdistan Region of Iraq (KRI), and Egypt, have increased 106 per cent year-on-year to $185 million (Dhs678 million), the highest level in more than five years.

Dana Gas, which owns a 35 per cent stake in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 85 per cent 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 $74 million, Net income $57.4 million, cash balances $61 million and gross debt $93 million.

The company share of total KM 250 expansion CAPEX is $220 million, which will be funded at the Pearl level. Dana Gas share of Pearl Petroleum production for the first half 2021 averaged 150 MMscf/d of gas, 5,250 bbls/d condensate and 350 MT/d of LPG.

In Egypt, Dana Gas collected $98 million during H1 2021, compared to $43 million received in the same period of 2020, representing a 128 per cent increase.

Dr Patrick Allman-Ward, CEO of Dana Gas, said: “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. This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2 2023.”

“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.”

 

https://www.gulftoday.ae/business/2021/07/15/dana-gas-collections-up-106-in-h1

[ronscarpa]

Dana Gas Expansion Plans "Well Underway" in Kurdistan

19th July 2021 in Iraq Oil & Gas News - By John Lee.

 

Dana Gas PJSC announced that its H1 2021 collections from the Kurdistan Region of Iraq (KRI), and Egypt have increased 106% year-on-year to $185 million (AED 678m), the highest level in more than five years.

 

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 $74 million, Net Income $57.4 million, Cash Balances $61 million and Gross Debt $93 million.

 

The Company share of total KM 250 expansion CAPEX is $220 million, which will be funded at the Pearl level. Dana Gas share of Pearl Petroleum production for the first half 2021 averaged 150 MMscf/d of gas, 5,250 bbls/d condensate and 350 MT/d of LPG.

 

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.

Dr Patrick Allman-Ward, CEO of Dana Gas, said:

 

"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.

"This provides us with the confidence to reinvest in our operations, notably in the KRI where our expansion plans are well underway. We are in the process of constructing our new KM250 gas train which is on track for first gas in Q2 2023. 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."

 

(Source: Dana Gas)

 

Link:  https://www.iraq-businessnews.com/2021/07/19/dana-gas-expansion-plans-well-underway-in-kurdistan/

[Half Crazy Runner]

Thanks for bringing all these great articles, @ronscarpa!

[yota691]

 

UAE's Dana Gas wins the decision of the London Court in the lawsuit IBR Wastani Petroleum

 

 2021-07-25 08:28

 

Shafaq News/ Dana Gas, listed on the Abu Dhabi Securities Exchange, announced, on Sunday, the issuance of a decision in its favour by the London Court of International Arbitration within the framework of the arbitration case filed by IBR Al Wastani Petroleum Group regarding the sale and purchase agreement, according to which Dana Gas would have sold its oil and gas assets. in Egypt.

The company said in a statement seen by Shafak News Agency that "the court's decision came to reject the lawsuit of the IBR Al Wastani Petroleum Group in its entirety, while the board of directors of "Dana Gas" decided to terminate the sale agreement and continue to keep and operate the company's assets in Egypt."

The court's decision stated that the lawsuit of the IBR Al Wastani Petroleum Group was rejected in its entirety, and the court ruled in favor of Dana Gas in its decision, which concluded that it was entitled to all the main points of the lawsuit, including its cancellation of the sale and purchase agreement.

Dana Gas had previously announced on April 22, 2021 that it had rescinded the sale of its onshore assets in Egypt to the IBR El Wastani Petroleum Group, after the parties were unable to fulfill a number of preconditions for the sale agreement to the satisfaction of both parties before the final date for completing the sale agreement, which agreed on Wednesday April 14, 2021. Accordingly, the company’s board of directors decided to terminate the sale agreement and continue to keep and operate the company’s assets in Egypt, and IBR El Wastani Petroleum submitted an application for arbitration challenging Dana Gas Egypt’s right to cancel the sale agreement.

Pursuant to the arbitration panel's decision, Dana Gas will continue to manage and operate its assets in the oil and gas sector in the interest of its shareholders and the Egyptian people.

Dana Gas owns 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 66,200 barrels of oil equivalent per day, and proven and probable gas reserves exceeding one billion barrels of oil equivalent in 2019.

[yota691]

Dana Gas turns profitable in the second quarter due to increased production in the Kurdistan Region

 

energy Economy News _ Baghdad Dana Gas managed to turn profitable in the second quarter ending on June 30, to record $113 million (416 million dirhams), compared to losses of 131 million dirhams (about $36 million) in the second quarter of 2020. The company said in a report seen by "Al-Iqtisad News", that the profitability came after a revenue growth of about 43%, in addition to achieving a reversal of impairment provisions amounting to 286 million dirhams. Dana Gas, which is listed on the Abu Dhabi Financial Market, recorded in the first half of 2021 a net profit (attributable to the company's shareholders) of $137 million (AED 504 million) compared to a loss of $19 million (AED 69 million) for the same period in 2020. Earnings per share amounted to 7 fils. Dr. Patrick Allman-Ward, CEO of Dana Gas, said that the company recorded excellent results during the first half of 2021 as a result of its strong operational and financial performance and improved oil prices. Revenues increased by 19% in the first six months, and our cash collections in Egypt and the Kurdistan Region of Iraq improved significantly, which contributed to improving our cash flow and solvency in general. "We are very pleased with the progress we have made in the Kurdistan region of Iraq, and we are moving forward with steady steps to implement the expansion plan according to the scheduled timetable," he added. The company indicated that the average production of "Dana Gas" amounted to 64,000 barrels of oil equivalent per day in the first half of 2021 compared to 63,250 barrels for the same period in 2020. This increase is due to the company's improvement in production in the Kurdistan Region of Iraq, which compensates for the decline in its production in Egypt . While production in the Kurdistan Region of Iraq increased by 8% to reach 34,300 barrels of oil equivalent per day, the company's production in Egypt decreased by 6% to reach 29,150 barrels as a result of the natural decline in the production of the fields.

Views 99   Date added 11/08/2021

[nannab]

Now if they actually start sending the 250,000 barrels of oil to Baghdad 

we will be golden.

 

Good morning Yota and DV  

[yota691]

Agreement on gas production in the Kurdistan region of Iraq

Economie

2021-09-08 | 11:01

 

 

 

804 views

 

 

Pearl Petroleum Ltd., the consortium led by Crescent Petroleum and the UAE's Dana Gas, has signed a $250 million financing agreement with the US International Development Finance Corporation to help finance the expansion of the Khor Mor gas field in the Kurdistan region of Iraq.

 

According to a statement, "The 7-year financing provided by the Corporation will contribute to increasing the production capacity of the Khor Mor plant by 50% to reach 690 million cubic feet of gas per day, in order to meet the increasing demand for clean natural gas to generate electricity in the Kurdistan Region." Iraq".

 

 

 

The total cost of the project, according to the statement, "is $630 million, and the remaining amount needed to complete the project was financed through a credit facility from a local bank and through financing provided by the engineering, construction and supply contractor."

 

The statement pointed out that "the "Khormore 250" project is the first phase of the expansion project in Khor Mor, which includes the addition of two gas production lines, and aims to raise the total gas production to nearly one billion cubic feet per day, and construction work on the project resumed last April, after work stopped because of a pandemic CoronaThe construction work is expected to be completed and production to start in April 2023.

 

 

The statement continued, "The company's total investment Pearl Petroleum The Khor Mor facilities to date exceed 2.1 billion US dollars, with a cumulative total production of more than 341 million barrels of oil equivalent of gas and petroleum liquids, and the continuous supply of gas to electricity production plants has resulted in Erbil Chemchemal and Bazian lead to significant fuel cost savings and significant economic benefits to the Kurdistan Region and Iraq As a whole".

 

Majeed Hamid Jaafar, CEO of Crescent Petroleum, said, “The financing agreement with the International Development Finance Corporation underlines the importance of developing natural gas resources in the Kurdistan region. Iraq This contributes to supporting regional economic development and economic growth.

And despite the challenges the world has faced since the beginning of the pandemic, he added Corona We have maintained the continuity of our operations and were able to increase production,” considering the agreement with the International Development Finance Corporation “a proof of the strength of our track record of success and highlights the potential of these resources and the bright future of the Kurdistan Region.” Iraq".

[yota691]

Dana Gas and Crescent Petroleum sign a $250 million financing agreement to expand gas production facilities in the Kurdistan Region

 

An oil field in the Kurdistan region

energy Economy News - Baghdad Dana Gas and Crescent Petroleum have signed a $250 million financing agreement with the US International Development Finance Corporation to expand gas production facilities in the Khor Mor field in the Kurdistan region. The total cost of the project is $630 million and aims to increase production by 50% to reach 690 million cubic feet per day by April 2023. The US International Development Finance Corporation is the development finance arm of the US government, and the 7-year financing provided by the Corporation will increase the production capacity of the Khor Mor plant by 50% to 690 million cubic feet of gas per day to meet the growing demand for clean natural gas to generate electricity in the Kurdistan region of Iraq. The total cost of the project is $630 million, and the remaining amount needed to complete the project was financed through a credit facility from a local bank and through financing provided by the engineering, construction and supply contractor. The "Khormore 250" project is the first phase of the expansion project in Khor Mor, which includes the addition of two gas production lines, and aims to raise the total gas production to nearly one billion cubic feet per day. The construction work on the project resumed last April, after work was halted due to the Corona pandemic, and it is expected that the construction work will be completed and production will start in April of 2023. The total investment of Pearl Petroleum in Khormore facilities to date exceeds 2.1 billion US dollars, with a cumulative total production of more than 341 million barrels of oil equivalent of gas and oil liquids, and the continuous supply of gas to the power plants in Erbil, Chemchemal and Bazian has led to significant savings in fuel cost. And huge economic benefits for the Kurdistan region and Iraq as a whole. Through the gas produced from the project, more than 42 million tons of carbon dioxide emissions were avoided, as a result of replacing liquid fuel (diesel) with natural gas in electricity generation, which contributes to reducing greenhouse gas emissions and local air pollution in the Kurdistan Region of Iraq. As well as supporting the transition to use better energy sources to contribute to reducing climate change. Between 2018 and 2021, the Khor Mor Gas Processing Plant experienced a 45% increase in production as a result of increased plant efficiency, bringing the total production to 106,000 barrels of oil equivalent per day, and the project is today the largest private gas producer in Iraq. Majeed Hamid Jaafar, CEO of Crescent Petroleum and Managing Director of Dana Gas, commented: “The financing agreement with the International Development Finance Corporation underlines the importance of developing natural gas resources in the Kurdistan Region of Iraq, which contributes to supporting regional economic development and economic growth. Despite the challenges that the world has faced since the beginning of the Corona pandemic, we have maintained the continuity of our operations and were able to increase production. The agreement with the International Development Finance Corporation is evidence of the strength of our track record of success and highlights the potential of these resources and the bright future of the Kurdistan Region of Iraq. For his part, Patrick Allman-Ward, CEO of Dana Gas, said: “With our partners, Pearl Petroleum, we are proud to build the gas sector in the Kurdistan Region of Iraq, provide clean energy supplies on a large scale, and contribute to supporting local economic development. This agreement confirms Our continued confidence in the region and its long-term prospects.” Dave Jagadishan, Acting Chief Executive Officer of the International Development Finance Corporation ( DFC ), added: “IFC's investment in the Khor Mor expansion project will greatly enable the people of the Kurdistan Region of Iraq to have sustainable access to energy. This development project represents a continuation of US investment in the Kurdistan Region. Iraq". The Kurdistan Gas Project was established in 2007 under an agreement that Dana Gas and Crescent Petroleum entered into with the Kurdistan Regional Government of Iraq, granting them exclusive rights to evaluate, develop, produce, market and sell petroleum and natural gas from the Khor Mor and Chemchemal fields in Iraqi Kurdistan. In October 2008, production work started from the plant that was built to operate the project in Khor Mor in a record period of no more than 15 months. In 2009, the Pearl Petroleum Consortium was formed, which includes Dana Gas and Crescent Petroleum as shareholders, later joined by OMV, MOL and RWE with a 10% stake each. The project's staff includes more than 500 full-time employees, and the percentage of local employment exceeds 85 percent across various positions, including senior management. The two companies have implemented a corporate social responsibility program that provides local communities with supplies that help residents cope with the difficulties imposed by the pandemic, and these supplies included respirators, sterilizers and protective equipment, in addition to donating 100,000 vaccines for use in local communities. This is in addition to what the two companies dedicate to the development of the sectors of education, health, energy and other humanitarian aid to the displaced from conflict areas and orphans. These initiatives continue to support local communities by raising the standard of living of individuals, improving health services, providing them with means of well-being, enhancing their security and stability, and developing human capital at the local level. It is noteworthy that Dana Gas is the first and largest private regional natural gas production company in the Middle East. It was established in December 2005 and is listed on the Abu Dhabi Stock Exchange. The company has exploration and production activities in Egypt, the Kurdistan region of Iraq and the United Arab Emirates, with proven and probable reserves of more than one billion barrels of oil equivalent. With its ongoing operations in Egypt, the region and the UAE and additional expansion plans, Dana Gas is playing a pivotal role in accelerating the growth of the natural gas sector across the Middle East, North Africa and South Asia. Crescent Petroleum is also the first and largest private company specialized in development, exploration and production projects in the Middle East, with more than 50 years of experience as an international operator in several countries, including Egypt, Yemen, Canada, Tunisia and Argentina, in addition to its ongoing operations in the United Arab Emirates and Iraq. Crescent Petroleum is headquartered in Sharjah, UAE, has international offices in the United Kingdom and three branches in Iraq, and also has subsidiary offices in Egypt and Bahrain. Crescent Petroleum is the largest shareholder in Dana Gas, the first and largest regional private natural gas company in the Middle East.

Views 93   Date Added 09/09/2021

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Dana Gas receives $131 million from Kurdistan Region

 

 2021-10-06 02:06

 

Shafaq News/ "Dana Gas" company announced that the total cash received in Egypt and the Kurdistan region of Iraq during the first nine months of this year amounted to 256 million dollars (938 million dirhams), which represents an increase of 102% on an annual basis, compared to 127 million dollars (466 million dirhams) during the same period last year.

The share of Dana Gas, which owns a 35% stake in Pearl Petroleum (Pearl), in cash payments received from sales of condensate, LPG and gas in the Kurdistan Region of Iraq increased by 77% to $131 million (AED 480 million) during the first nine months From 2021, compared to $74 million (271 million dirhams) during the same period last year. In Egypt, Dana Gas received $125 million (458 million dirhams) during the first nine months of this year, an increase of 136 percent compared to $53 million (195 million dirhams) during the same period in 2020.

Dr. Patrick Allman-Ward, CEO of Dana Gas, said: “We are pleased with the improvement in the level of cash payments during the current year, supported by the strong recovery in oil prices. The continuity of timely cash payments and settlement of overdue payments gives us confidence to move forward with our expansion plans in the Kurdistan Region of Iraq and Egypt.

The Khor Mor 250 project is the first phase of an expansion project that includes the construction of two new gas processing lines with a capacity of 250 million cubic feet per day at the Pearl Petroleum facility in Khor Mor. This will raise the total gas production from the project to nearly one billion cubic feet per day. Pearl Petroleum had recently signed a $250 million financing agreement with the American International Development Finance Corporation, to contribute to the financing of the expansion work in the Khor Mor gas field in the Kurdistan Region of Iraq, where construction works are progressing according to the schedule set to complete the project by April 2023.