Mubasher TV
Contact Us Advertising   العربية

Dana Gas’s collections rise 16.7% in 9M

Dana Gas’s collections rise 16.7% in 9M
Photo Archive
Dana Gas
DANA
0.15% 0.65 0.00

Abu Dhabi - Mubasher: Dana Gas announced that its collections have increased by 16.7% year-on-year (YoY) to AED 844 million ($230 million) during the first nine months of 2019.

Collections from Dana Gas Egypt were $105 million during the nine-month period, in line with the $111 million received in the same period of 2018, while collections from the Company’s Zora gas field in the UAE stood at $7.3 million, the company said in a statement on Sunday.

Moreover, the company saw a growth in returns from its share of Pearl Petroleum Company sales in the Kurdistan Region of Iraq (KRI) by 52% to $118 million by the end of September, compared with $77 million in the same period in 2018.

Dana Gas owns a 35% stake in Pearl Petroleum and has received cash dividends of $68.3 million from Pearl over this period.

“Our overall collections are higher at $230 million, and our strong in-country relationships have continued to benefit our overall business performance. We are committed to operating all our assets to maximise production and value for all our stakeholders,” said Patrick Allman-Ward, CEO of Dana Gas.

According to Dana Gas, the first and largest regional private sector natural gas company in the Middle East, natural gas demand in the Middle East and North Africa region is expected to grow by 2040 by 40%, while demand on oil will increase by 10 million barrels per day (b/d).