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[size=36]Dana Gas receives new funds for its operations in Iraqi Kurdistan[/size]
Economie| 03:33 - 20/04/2021
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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 $ 42 million, after paying the last payment, and Dana Gas’s share of it amounted to $ 14.8 million. 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 big 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 We are optimistic about the investments that we make within the framework of our future growth plans, based on our achievements in terms of increasing production and the regular cash payments that we received from our operations in the Kurdistan region of Iraq during Last year. ”Ended 29 / h
, "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 $ 42 million, after paying the last payment, and Dana Gas’s share of it amounted to $ 14.8 million. 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 big 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 We are optimistic about the investments that we make within the framework of our future growth plans, based on our achievements in terms of increasing production and the regular cash payments that we received from our operations in the Kurdistan region of Iraq during Last year. ”Ended 29 / h
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