Gulf Oil and Gas accountACCOUNT

Pearl Petroleum Signs 20-Year Gas Sales Agreement in Q1 2019

Source: www.gulfoilandgas.com 4/14/2019, Location: Middle East

Dana Gas PJSC (the "Company"), the Middle East's largest regional private sector natural gas company, announces that during Q1 2019, Pearl Petroleum Company Limited ('Pearl Petroleum') has received $112 million (AED 411mm) from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI).

Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million (AED 143mm). This presents a 117% increase compared to the Company's Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI.

Dr Patrick Allman-Ward, CEO, Dana Gas, said: "We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d. We have begun to see the impact of the additional production on our Q1 collection, which has doubled."

In February of this year, Pearl Petroleum signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to enable production and sales of an additional 250 MMscf/d. The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022.

Production News in Iraq >>

Mexico >>  5/17/2019 - ExxonMobil said a new study estimates the company’s development of Permian Basin resources in New Mexico will generate approximately $64 billion in ne...
Morocco >>  5/17/2019 - SDX Energy, the North Africa-focused oil and gas company, has announced its financial and operating results for the three months ended March 31, 2019 ...

Iraq >>  5/16/2019 - Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth tonne of oil since starting commercial production at its Sarqala ...
Norway >>  5/15/2019 - In connection with loading oil from buoy to shuttle tanker on the North Sea Statfjord field, oil was observed on the sea surface early this morning, 1...

Russia >>  5/15/2019 - Messoyakhaneftegaz, a Gazprom Neft—Rosneft joint venture, has produced its 10-millionth tonne of oil — this figure having been reached in less than th...
United States >>  5/14/2019 - McDermott International, Inc. (MDR) announced that Train 1 of the Cameron LNG project in Hackberry, La., has begun producing liquefied natural gas (LN...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.