UAE energy firm Dana Gas has received $80 million from the Kurdistan Regional Government (KRG) in Iraq, which for over a decade has sometimes struggled to make payments on time, Reuters reported, citing statements from Dana Gas.
Pearl Petroleum, a consortium majority-owned by Dana, “recently” received $101 million from the KRG “despite the ongoing challenges within Iraq and is in ongoing discussions with the KRG to settle outstanding receivables as soon as possible,” Dana Gas said in a statement on its first-half results.
Dana Gas also received $26 million in payments from Egypt, where its only other operations are, it said.
The firm was owed $97 million in the Kurdistan Region of Iraq (KRI) and $41 million in Egypt at the end of June.
Dana Gas profits
Dana Gas reported a 25% drop in first-half net profit to $83 million on the back of softer oil prices and discounts on condensate sales in the KRI, where Dana “began to sell to third party local buyers as other companies shut down production.”
“To counter the downturn in energy prices, the Company has strengthened its focus on maintaining production and lowering costs, while working with partner governments in Egypt and the KRI to settle outstanding payments,” Dana Gas CEO Patrick Allman-Ward said in the statement.
Source: Oil and Gas