Dana Gas reports 41% increase in net profit in Q1 to $24 million
09 May 2021 The firm has announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq. Dana Gas, the Middle East’s largest private sector natural gas company, on Sunday announced its financial results for the first quarter ended March 31, 2021.
Net profit was up 41 per cent in Q1 2021 reaching $24 million (Dhs88 million) as compared to $17 million (Dhs62 million) in Q1 2020. The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), and a reduction in finance cost due to lower borrowings in Q1, 2021 as compared to Q1 2020.
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US$600m investment to increase production 57% within 2 years Production to grow from 440MMSCFD to 690MMSCFD by April 2023 Force Majeure lifted with KRG and US Contractor Exterran after COVID Delay
Dana Gas, the Middle East s leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of US$600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the COVID pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) an
Dana Gas and Crescent Petroleum resume Khor Mor expansion
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Dana Gas and Crescent Petroleum have resumed the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which was halted due to the Covid-19 crisis.
Both UAE-based firms, Dana Gas and Crescent Petroleum operate the Khor Mor field on behalf of the Pearl Petroleum consortium.
After an agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor, the KM250 project is now on track for a revised start date of April 2023.
Dana Gas et Crescent Petroleum reprennent le projet d expansion de Khor Mor
édité le 27/04/2021 - Plus de news de Dana Gas - Voir la fiche entreprise de Dana Gas
Dana Gas, the Middle Easts leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of US$600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the COVID pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor.