Finance

Dana Gas to Boost Investment in Kurdistan Region

2 Mins read
The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas. (Photo: Archive)

UAE’s oil giant Dana Gas announced that it is going to expand its activities in the Kurdistan Region.

Natural gas company Dana Gas announced on 25 October, Sunday that it would boost its investment in the Kurdistan Region following sales of its assets to an Egyptian company, according to a statement from the company.

The statement from the company announced,“This asset sale is in line with Dana Gas’ strategic goals of strengthening its balance sheet and focusing on the development of its world-class assets in the Kurdistan Region,”

 In a statement, the company CEO, Patrick Allman-Ward, said,

“Dana Gas’s share in reserves in the Kurdistan Region is over 1 billion barrels of oil equivalent,”

Established in 2005, Dana Gas is the first and largest private-sector natural gas company in the Middle East. It is headquartered in Sharjah, United Arab Emirates, that has been active in the Kurdistan Region since 2007 when it entered into agreements with the KRG to develop its substantial gas resources.

The company operates in two major natural gas fields in Kurdistan: Khor Mor and Cham Chamal, owning 35 percent of its shares, through Pearl Consortium. To date, Dana Gas has invested over USD 1.6 billion in the Kurdistan Region’s gas and energy sector, producing more than 260 million barrels of oil.

The oil and gas operator has a 35 percent stake in Pearl Petroleum, a consortium comprised of five oil and gas companies which focus on exploration and production of natural gas and liquids in the Kurdistan Region.

The Kurdistan Region estimates that it has recoverable reserves of at least 45 billion barrels of oil and 5.66 trillion cubic meters of gas.


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