Abu Dhabi - Mubasher: Pearl Petroleum Company Limited, a subsidiary of Dana Gas, has collected $151 million (AED 553 million) from the sale of gas, condensate and Liquefied Petroleum Gas (LPG), in the Kurdistan Region of Iraq (KRI) year-to-date.
All invoices from the KRG continue to be settled in full and in a timely manner, according to a press release on Tuesday.
For owning a 35% stake in Pearl Petroleum, Dana Gas's year-to-date share of KRI collections has amounted to $53 million (AED 194 million).
Meanwhile, Pearl Petroleum received this year $24.6 million in respect of overdue receivables, of which Dana Gas’s share was $8.6 million.
Dana Gas' share from Pearl Petroleum’s $42 million overdue receivables from the KRI, following the most recent payment, reaches $14.8 million.
At the current oil prices, the balance of KRI overdue receivable is forecast to be settled during the third quarter (Q3) of 2021.
The Group recorded a 12% increase in gross gas production in the KRI to an average of 439 MMscf/d in the first quarter (Q1) of 2021, compared to 391 MMscf/d in the same period last year.
This rise has contributed to a 9% increase in total Group production to 35,300 barrel of oil equivalent (boe) per day in Q1-21, versus 32,400 boe/d in the year-ago period.
The CEO of Dana Gas, Patrick Allman-Ward, said: "Given the Kurdistan Regional Government’s continued commitment to pay down past receivables, we expect to receive the balance of overdue receivables from the KRI mid-year or shortly thereafter."
