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Sun 8 Jul 2018 03:28 PM

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Dana Gas reaps nearly $44m in dividends from Kurdistan ops

Sharjah-based natural gas company is looking to boost production by 25 percent this year

Dana Gas reaps nearly $44m in dividends from Kurdistan ops
Dana Gas is the Middle East’s largest private sector natural gas company and owns a 35 percent share in Pearl Petroleum, a consortium of five companies including the UAE’s Crescent Petroleum.

Through its share in Iraqi Kurdistan natural gas provider Pearl Petroleum, Dana Gas has netted $44 million in dividends in the months from January to June this year, the company has announced.

Dana Gas is the Middle East’s largest private sector natural gas company and owns a 35 percent share in Pearl Petroleum, a consortium of five companies including the UAE’s Crescent Petroleum.

The Sharjah-based company’s net share of production in Iraqi Kurdistan averaged 26,100 barrels of oil equivalent per day (beopd), up from 25,900 boepd from the same period in 2017.

Pearl Petroleum is currently pursuing a 170 percent increase in production by 2021 through the introduction of two new LPG processing trains.

The first phase of the expansion, aimed at removing production bottlenecks, is expected yield a 25 percent increase in production when completed in the third quarter of 2018.

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