Dana Gas says payments from Egypt, Kurdistan doubled on higher commodities prices
United Arab Emirates energy firm Dana Gas said on Wednesday its payments from operations in Egypt and the Kurdistan Region of Iraq jumped by more than 100 per cent in the first nine months of the year.
Collections doubled to $256 million for nine months to the end of September from $127 million reported for the same period in 2020, boosted by a rise in oil prices, the company said on Wednesday in a statement.
The growth in collections this year was “supported by a strong rebound in commodity prices”, Patrick Allman-Ward, chief executive of Dana Gas, stated.
“Continuing timely payment of invoices and the settlement of outstanding receivables is key to providing us with the confidence to carry on with our expansion plans in the KRI and Egypt.” Allman-Ward added.
Dana Gas, which owns a 35 percent interest in Pearl Petroleum, had its share of collections from sales of condensate, LPG and gas in the KRI soar 77 percent to $131 million in the nine-month period from $74 million a year earlier.
In Egypt, the company collected $125 million during the first nine months of this year, a sharp growth from $53 million received for the same period in 2020, the company added.