Kurdish gas market: Dana Gas obtains $80 million

Dana Gas, an energy company from the United Arab Emirates, has received $80 million from the Kurdish government in Iraq despite the challenges. Lower oil prices led to a 25% drop in net income, despite efforts to maintain production and cut costs.

Partagez:

Kurdish gas market: United Arab Emirates energy company Dana Gas (DANA.AD) announced on Wednesday that it had received $80 million from the Kurdistan Regional Government (KRG) in Iraq, which has sometimes struggled to make payments on time for more than a decade.

Dynamics of the Kurdish gas market: The Dana Gas consortium receives $80 million

Pearl Petroleum, a consortium majority-owned by Dana, “recently” received $101 million from KRG “despite continuing challenges in Iraq, and is in ongoing discussions with KRG to settle outstanding receivables as quickly as possible”, Dana Gas said in a statement on its first-half results.

Turkey halted exports of 450,000 barrels per day (b/d) from northern Iraq through the Iraq-Turkey pipeline on March 25, following an arbitration ruling by the International Chamber of Commerce (ICC). Dana Gas has also received $26 million in payments from Egypt, where its only other operations are located, he said.

At the end of June, the company had receivables of $97 million in the Kurdistan Region of Iraq (KRI) and $41 million in Egypt.

Impact of oil prices: Dana Gas faces a 25% drop in net profit

Dana Gas reported a 25% drop in first-half net income to 304 million dirhams ($83 million), due to lower oil prices and reductions on condensate sales in the KRI, where Dana “began selling to local third-party buyers as other companies closed production.” “To counter lower energy prices, the company has strengthened its focus on maintaining production and reducing 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.

The company’s overall production fell by 2% to 59,800 barrels of oil equivalent per day in the first half compared with the previous year, with a 12% drop in production in Egypt compared with a 5% rise in the KRI. The drop in Egypt is due to natural declines on the fields.

  • Populaires ​
North American biomethane market to reach 604 mmcfd in 2025
France: Toul inaugurates 8.5 MW biomass heating plant with ENGIE Solutions
Sasol and Akuo sign major solar energy supply agreement
Sierra Leone launches extensive offshore oil exploration with 60 potential blocks
World Bank resumes nuclear financing after decades of absence
Shell ships first LNG cargo from its LNG Canada facility
Shell Canada Energy announces shipment of the first liquefied natural gas cargo from its LNG Canada complex, located in Kitimat, British Columbia, primarily targeting fast-growing Asian economic and energy markets.
Australia considers east coast gas reservation as market pressures intensify
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The drilling fluids industry will reach $10.7bn by 2032 driven by oil expansion and chemical innovations
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
Enbridge Gas Ohio challenges tariff ruling cutting its revenues by $30mn
Enbridge Gas Ohio is assessing its legal options following the Ohio regulator's decision to cut its revenues, citing potential threats to investment and future customer costs.
Global small-scale LNG market to reach $31.78bn by 2030
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
Europe extends gas storage obligations until 2027
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Chevron and Energy Transfer Expand Their LNG Agreement at Lake Charles
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside completes sale of 40% stake in Louisiana LNG project to Stonepeak
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic takes over Royal Helium and fast-tracks Steveville plant restart
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
Fusion Fuel: Al Shola Gas secures AED4.4 mn ($1.2 mn) in contracts
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy Approves Expansion of Corpus Christi LNG Terminal for 2029
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
LNG industry could reduce emissions by 60%, according to IEA
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe accelerates gas storage filling despite declining reserves
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
Seoul freezes electricity rates amid LNG supply risk concerns
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia ready to deliver liquefied natural gas to Mexico
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel resumes gas exports to Egypt and Jordan
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Nepal Identifies Major Methane Reserve Estimated at 112 Billion m³
Nepal reveals a significant potential reserve of methane in the west of the country, following exploratory drilling conducted with technical support from China, opening new economic prospects.
Petronas and JOGMEC Sign Strategic Agreement around LNG Canada Project
Petronas formalizes a memorandum with JOGMEC to secure Japanese LNG deliveries, including a first cargo from LNG Canada scheduled for July at Toho Gas.
Serbia negotiates gas deal with Gazprom at competitive European price
Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
TotalEnergies and QatarEnergy secure strategic exploration licence in Algeria
TotalEnergies and QatarEnergy have won the Ahara exploration licence, marking a new stage in their partnership with SONATRACH on a vast area located between Berkine and Illizi.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS