ERBIL (Kurdistan 24) – Oil and gas operator Dana Gas said on Thursday that recent events in Iraq had not affected its business in the autonomous Kurdistan Region.
Iraqi media quoted the head of the investor relations at Dana Gas, Mohamed al-Mobaideen, as saying the company’s business is proceeding as usual despite an increased security risk in Iraq following an escalation in US-Iran tensions.
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“The company has assets in the Kurdistan Region worth over USD 1.6 billion and has been operating continuously without interruption since 2008, despite the ongoing events in the region,” Mobaideen said.
“Dana Gas still intends to double its production [in Kurdistan] to 900 million cubic feet per day by 2023,” he added.
Late last year, Dana Gas said it was confident with its plans to expand its operations in the Kurdistan Region by adding two gas production lines with a capacity of 250 million cubic feet per day following payments it received from sales of gas and liquids.
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In an official statement on its website, Dana Gas said it “has received a one-off $42 million (AED 154 mm) dividend payment from Pearl Petroleum” in the Kurdistan Region.
Pearl Petroleum is a consortium majority-owned by Dana Gas and its affiliate Crescent Petroleum. Dana Gas owns a 35 percent stake in Pearl Petroleum.
In July 2019, Dana Gas said it looked forward to strengthening its “flourishing partnership” with the Kurdistan Regional Government (KRG) after the company announced a significant increase to its H1 2019 compared to the year prior.
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Dana Gas, headquartered in Abu Dhabi, has its main assets in Egypt and the Kurdistan Region.
The oil and gas firm also previously announced a new oil discovery in its Kurdistan Region fields, thought to have potentially the largest gas reserves in the country.