Abu Dhabi – Mubasher: Sharjah-based Dana Gas plans to raise its gas and condensate production by 20% to 25% in Kurdistan Region of Iraq.

The Emirati gas company would boost its gas output in Kurdistan by the end of this year or early 2019, after extending gas processing facilities and upgrading wells, head of investor relations Mohammmed Mubaideen told Al Bayan newspaper.

Gas production is projected to increase to 360 million cubic feet (mcf) - 380 mcf from 300 mcf, while condensate output is likely to range between 15,500 to 16,000 barrels from 13,000 barrels, Mubaideen added.

The company has received $14.4 million from Pearl Petroleum for selling condensates and liquefied petroleum gas (LPG) in Kurdistan during the first quarter of 2018, he highlighted.

Mubaideen noted that the UAE-based energy producer will continue selling condensates in Kurdistan based on its production, which is expected to grow over the coming period.

The company’s receivables from the Egyptian government stood at around $230 million, he remarked, pointing out that the company received limited instalments of its receivables in the past three months.

The Abu Dhabi-listed producer will maintain selling condensates in Egypt, Mubaideen emphasised, forecasting selling four shipments at an average value of $40 million (AED 147 million) in 2018.

The company has already sold a shipment last February to the Arab world's most populous country and is expected to close three deals before the end of this year, he indicated.

On Tuesday, Dana Gas announced that it had received $14.4 million (AED 52.8 million) from Pearl Petroleum for selling condensate and LPG in Iraqi Kurdistan during Q1-18.

The paid amount did not include Dana’s share of amounts received from Kurdistan government and local traders, which Pearl Petroleum held to cover operating costs and capital expenditure (Capex) requirements.