Dana Gas, the Middle East’s largest regional private sector natural gas company, has announced that its H1 2021 collections from the Kurdistan Region of Iraq (KRI), and Egypt, have increased 106% year-on-year to US$185mn, the highest level in more than five years
In Egypt, Dana Gas collected US$98mn during H1 2021, compared to US$43mn 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,” Allman-Ward concluded.
