Latest news with #CrescentPetroleum
Khaleej Times
3 days ago
- Business
- Khaleej Times
Majid and Lynn Jafar honoured by top US university
The University of Massachusetts Chan Medical School has honoured Majid Jafar, CEO of Crescent Petroleum, and his wife Lynn Barghout Jafar, co-founders of the Loulou Foundation, for their work in advancing medical research and innovation and for supporting children with special needs through the High Hopes Therapy Center in the UAE. The honorary doctorate degrees, presented at the university's 2025 Commencement ceremony by Chancellor Michael Collins, highlight their role in accelerating scientific and therapeutic progress in the field of rare diseases — an area that remains significantly underdiagnosed and underserved, with the vast majority of conditions still lacking approved treatments. More than 350 million people are affected by rare diseases worldwide, with 70% of them children. While over 7,000 rare diseases have been identified, 95% still lack approved treatments. Majid Jafar commented: 'We are deeply honoured by this recognition from UMass Chan Medical School. It affirms what can be achieved when purpose-driven collaboration meets urgency — especially in the field of rare diseases, where so many families are still waiting for new treatments. The UAE has long recognised the importance of medical innovation, and we remain committed to contributing to this global effort to improve children's lives and accelerate meaningful change.' Umass Chan Medical School is among the leading medical schools in the United States and last year entered into a strategic partnership agreement with Mohammed bin Rashid University (MBRU) of Medicine and Health Sciences in Dubai. The commencement ceremony also conferred honorary doctorate degrees on Dr Marcia McNutt, President of the U.S. National Academy of Sciences, and Dr Carolyn Clancy, Assistant Under Secretary for Health at the U.S. Veterans Health Administration. Lynn Barghout Jafar, co-founder of the Loulou Foundation and Founder of the High Hopes Therapy Center in Dubai, added: 'When our own daughter was diagnosed with a rare disease, what began as a personal journey quickly became a global mission to connect families and scientists in the pursuit of answers. We are grateful to be part of a growing community that is transforming the future of rare disease research through science, collaboration, and hope'. In March this year Majid and Lynn Jafar personally hosted a Charity Suhoor in support of Al Jalila Foundation's Child Fund in the UAE, raising Dh50 million — the largest donor-led fundraiser since the Foundation's inception in 2013. Held under the theme 'An Evening of Hope', the gathering brought together business leaders and philanthropists to support life-saving medical treatment and research for children in need. In addition to his work with Loulou Foundation which as supported more than 100 research projects in labs around the world since its founding in 2015, Majid Jafar co-chairs the international campaign for Cambridge Children's Hospital, serves on the advisory board of the Oxford-Harrington Rare Disease Centre — chaired by former UK Prime Minister David Cameron — and is a member of the Board of Fellows and co-chairs the Discovery Council at Harvard Medical School. In his professional capacity, in addition to serving as CEO of Crescent Petroleum, the Middle East's oldest private oil and gas company, Majid Jafar is the Board Managing Director of Dana Gas and Vice Chairman of the Crescent Group, headquartered in Sharjah in the UAE. Lynn Barghout Jafar established High Hopes Pediatric Therapy Center in 2017 as an early intervention facility in the UAE that caters to over 300 children with moderate to complex special needs - a place where they can develop, progress, and also have fun under the supervision of the most experienced and specialized therapists.
Trade Arabia
08-05-2025
- Business
- Trade Arabia
Dana Gas reports 13pc increase in net profit for Q1
Dana Gas reported a net profit of AED 158 million ($43 million) for Q1 2025, a 13% increase compared to AED 140 million ($38 million) in the same period last year, despite lower oil prices. The increase in earnings was driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortisation (DDA) charges, along with reduced finance costs. Revenue for Q1 2025 stood at AED 334 million ($91 million), compared to AED 356 million ($97 million) in Q1 2024. The year-on-year decline was primarily due to lower production in Egypt coupled with lower realised hydrocarbon prices, however partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI). KURDISTAN REGION OF IRAQ Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008. Daily gas production at Khor Mor reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region's power generation needs. In April, production levels at the Khor Mor plant were reduced to carry out planned maintenance activities, ensuring the facility's continued reliability and long-term operational performance. This reduction will be reflected in the Company's Q2 results. Construction of the KM250 expansion project is now progressing on an accelerated schedule, with first gas expected in Q1 2026. Once fully operational, KM250 is expected to add 250 MMscf/d of processing capacity, increasing Pearl Petroleum's production by 50%, while significantly boosting Dana Gas's financial performance and cash flow. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG. Additionally, Pearl Petroleum has initiated first phase development activities at Chemchemal, one of Iraq's largest world-class and undeveloped gas fields. A $160 million investment program is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMscfd is targeted for the second half of 2026. EGYPT In Egypt, Dana Gas continues to implement its post-Consolidation Agreement investment program, co millionitting to invest $100 million over the next two years to drill 11 new wells. The Company plans to drill 3 wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025. Despite lower production levels, Dana Gas benefited from improved realized gas pricing following the Consolidation Agreement, helping to support cash flow and future investment plans. The ongoing program aims to increase gas recovery by 80 billion cubic feet and help mitigate natural field declines. The additional gas will also generate significant cost savings of over $1 billion for Egypt's economy by reducing reliance on imported LNG and fuel oil. Richard Hall, CEO of Dana Gas, co millionented: 'We entered 2025 with strong momentum following a transformational year for the business, and in the first quarter we demonstrated our ability to adapt to current market trends. Despite softer oil prices, we have increased our profitability and maintained our operational and strategic progress. We achieved higher production in the KRI while reducing our operational and finance costs. We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1 2026. Meanwhile, our drilling program is underway in Egypt, and the Board's decision to resume sustainable dividend payments reflects the strength of our financial position and positive future outlook. We remain focused on execution and confident in the opportunities ahead to create lasting value for all our stakeholders.' Production in the KRI increased by 3% in Q1 2025 to 39,650 boepd, supported by continued strong demand from local power stations. The Khor Mor field continues to perform strongly, with cumulative output surpassing 500 million barrels of oil equivalent since production began at the field. Group production averaged 52,200 boepd during the quarter, compared to 56,750 boepd in Q1 2024. In Egypt, production declined to 12,550 boepd, mainly due to natural field declines and the impact of a planned maintenance shutdown. However, drilling activities under the Consolidated Concession Agreement are underway and expected to support future production levels. As of 31 March 2025, Dana Gas's consolidated cash balance stood at AED 1.4 billion ($373 million), including AED 784 million ($214 million) held at the Pearl Petroleum level. The Company's total debt remained stable at AED 1,045 million ($285 million). In April 2025, shareholders approved a cash dividend of AED 385 million ($105 million) for FY 2024, reflecting confidence in Dana Gas's financial strength and cash flow visibility. Total collections for the quarter reached AED 257 million ($70 million), compared to AED 279 million ($76 million) in Q1 2024 reflecting a 100% collection rate in the KRI and 92% in Egypt.
Zawya
08-05-2025
- Business
- Zawya
Dana Gas reports 13% increase in net profit for Q1
Dana Gas reported a net profit of AED 158 million ($43 million) for Q1 2025, a 13% increase compared to AED 140 million ($38 million) in the same period last year, despite lower oil prices. The increase in earnings was driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortisation (DDA) charges, along with reduced finance costs. Revenue for Q1 2025 stood at AED 334 million ($91 million), compared to AED 356 million ($97 million) in Q1 2024. The year-on-year decline was primarily due to lower production in Egypt coupled with lower realised hydrocarbon prices, however partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI). KURDISTAN REGION OF IRAQ Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008. Daily gas production at Khor Mor reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region's power generation needs. In April, production levels at the Khor Mor plant were reduced to carry out planned maintenance activities, ensuring the facility's continued reliability and long-term operational performance. This reduction will be reflected in the Company's Q2 results. Construction of the KM250 expansion project is now progressing on an accelerated schedule, with first gas expected in Q1 2026. Once fully operational, KM250 is expected to add 250 MMscf/d of processing capacity, increasing Pearl Petroleum's production by 50%, while significantly boosting Dana Gas's financial performance and cash flow. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG. Additionally, Pearl Petroleum has initiated first phase development activities at Chemchemal, one of Iraq's largest world-class and undeveloped gas fields. A $160 million investment program is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMscfd is targeted for the second half of 2026. EGYPT In Egypt, Dana Gas continues to implement its post-Consolidation Agreement investment program, co millionitting to invest $100 million over the next two years to drill 11 new wells. The Company plans to drill 3 wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025. Despite lower production levels, Dana Gas benefited from improved realized gas pricing following the Consolidation Agreement, helping to support cash flow and future investment plans. The ongoing program aims to increase gas recovery by 80 billion cubic feet and help mitigate natural field declines. The additional gas will also generate significant cost savings of over $1 billion for Egypt's economy by reducing reliance on imported LNG and fuel oil. Richard Hall, CEO of Dana Gas, co millionented: 'We entered 2025 with strong momentum following a transformational year for the business, and in the first quarter we demonstrated our ability to adapt to current market trends. Despite softer oil prices, we have increased our profitability and maintained our operational and strategic progress. We achieved higher production in the KRI while reducing our operational and finance costs. We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1 2026. Meanwhile, our drilling program is underway in Egypt, and the Board's decision to resume sustainable dividend payments reflects the strength of our financial position and positive future outlook. We remain focused on execution and confident in the opportunities ahead to create lasting value for all our stakeholders.' OPERATIONS & PRODUCTION Production in the KRI increased by 3% in Q1 2025 to 39,650 boepd, supported by continued strong demand from local power stations. The Khor Mor field continues to perform strongly, with cumulative output surpassing 500 million barrels of oil equivalent since production began at the field. Group production averaged 52,200 boepd during the quarter, compared to 56,750 boepd in Q1 2024. In Egypt, production declined to 12,550 boepd, mainly due to natural field declines and the impact of a planned maintenance shutdown. However, drilling activities under the Consolidated Concession Agreement are underway and expected to support future production levels. LIQUIDITY As of 31 March 2025, Dana Gas's consolidated cash balance stood at AED 1.4 billion ($373 million), including AED 784 million ($214 million) held at the Pearl Petroleum level. The Company's total debt remained stable at AED 1,045 million ($285 million). In April 2025, shareholders approved a cash dividend of AED 385 million ($105 million) for FY 2024, reflecting confidence in Dana Gas's financial strength and cash flow visibility. Total collections for the quarter reached AED 257 million ($70 million), compared to AED 279 million ($76 million) in Q1 2024 reflecting a 100% collection rate in the KRI and 92% in Egypt. The Company's receivables in the KRI stood at AED 246 million ($67 million) as of the end of Q1 2025, down from AED 334 million ($91 million) a year earlier. Receivables in Egypt stood at AED 290 million ($79 million), up from AED 209 million ($57 million) in Q1 2024. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
08-05-2025
- Business
- Zawya
Dana Gas reports a 13% increase in net profit for Q1 2025
Highlights – Q1 2025 Net profit up at AED 158 million ($43mm) in Q1 2025 from AED 139 million ($39mm) in Q1 2024 KM250 project completion date accelerated to Q1 2026 Sharjah, UAE: Dana Gas PJSC (the 'Company'), the Middle East's largest regional private sector natural gas company, today announced its financial results for the three-month period ended 31 March 2025. The Company reported a net profit of AED 158 million ($43mm) for Q1 2025, a 13% increase compared to AED 140 million ($38mm) in the same period last year, despite lower oil prices. The increase in earnings was driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortisation (DDA) charges, along with reduced finance costs. Revenue for Q1 2025 stood at AED 334 million ($91mm), compared to AED 356 million ($97mm) in Q1 2024. The year-on-year decline was primarily due to lower production in Egypt coupled with lower realised hydrocarbon prices, however partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI). Kurdistan Region of Iraq Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008. Daily gas production at Khor Mor reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region's power generation needs. In April, production levels at the Khor Mor plant were reduced to carry out planned maintenance activities, ensuring the facility's continued reliability and long-term operational performance. This reduction will be reflected in the Company's Q2 results. Construction of the KM250 expansion project is now progressing on an accelerated schedule, with first gas expected in Q1 2026. Once fully operational, KM250 is expected to add 250 MMscf/d of processing capacity, increasing Pearl Petroleum's production by 50%, while significantly boosting Dana Gas's financial performance and cash flow. The project includes the addition of 7,000 barrels per day of condensate and 460 tonnes per day of LPG. Additionally, Pearl Petroleum has initiated first phase development activities at Chemchemal, one of Iraq's largest world-class and undeveloped gas fields. A $160 million investment program is now underway to drill three wells and install an extended well test facility. Production of up to 75 MMscfd is targeted for the second half of 2026. Egypt In Egypt, Dana Gas continues to implement its post-Consolidation Agreement investment program, committing to invest $100 million over the next two years to drill 11 new wells. The Company plans to drill 3 wells this year, with drilling operations for the first well to begin in May 2025 and spudding expected in June 2025. Despite lower production levels, Dana Gas benefited from improved realized gas pricing following the Consolidation Agreement, helping to support cash flow and future investment plans. The ongoing program aims to increase gas recovery by 80 billion cubic feet and help mitigate natural field declines. The additional gas will also generate significant cost savings of over $1 billion for Egypt's economy by reducing reliance on imported LNG and fuel oil. Richard Hall, CEO of Dana Gas, commented: 'We entered 2025 with strong momentum following a transformational year for the business, and in the first quarter we demonstrated our ability to adapt to current market trends. Despite softer oil prices, we have increased our profitability and maintained our operational and strategic progress. We achieved higher production in the KRI while reducing our operational and finance costs. We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1 2026. Meanwhile, our drilling program is underway in Egypt, and the Board's decision to resume sustainable dividend payments reflects the strength of our financial position and positive future outlook. We remain focused on execution and confident in the opportunities ahead to create lasting value for all our stakeholders.' Operations & Production Production in the KRI increased by 3% in Q1 2025 to 39,650 boepd, supported by continued strong demand from local power stations. The Khor Mor field continues to perform strongly, with cumulative output surpassing 500 million barrels of oil equivalent since production began at the field. Group production averaged 52,200 boepd during the quarter, compared to 56,750 boepd in Q1 2024. In Egypt, production declined to 12,550 boepd, mainly due to natural field declines and the impact of a planned maintenance shutdown. However, drilling activities under the Consolidated Concession Agreement are underway and expected to support future production levels. Liquidity As of 31 March 2025, Dana Gas's consolidated cash balance stood at AED 1.4 billion ($373mm), including AED 784 million ($214mm) held at the Pearl Petroleum level. The Company's total debt remained stable at AED 1,045 million ($285mm). In April 2025, shareholders approved a cash dividend of AED 385 million ($105mm) for FY 2024, reflecting confidence in Dana Gas's financial strength and cash flow visibility. Total collections for the quarter reached AED 257 million ($70mm), compared to AED 279 million ($76mm) in Q1 2024 reflecting a 100% collection rate in the KRI and 92% in Egypt. The Company's receivables in the KRI stood at AED 246 million ($67mm) as of the end of Q1 2025, down from AED 334 million ($91mm) a year earlier. Receivables in Egypt stood at AED 290 million ($79mm), up from AED 209 million ($57mm) in Q1 2024. About Dana Gas Dana Gas is the Middle East's first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit:
Gulf Today
15-04-2025
- Business
- Gulf Today
Sheikha Bodour joins Get Active for Education at AUS to support scholarships
In a powerful show of community spirit and shared purpose, American University of Sharjah (AUS) hosted Get Active for Education on Thursday, April 10, 2025, at the AUS campus. Held under the patronage and in the presence of Her Excellency Sheikha Bodour Bint Sultan Al Qasimi, President of AUS, the large-scale wellness and fundraising event marked the culmination of the university's Pay It Forward campaign. The initiative aimed to raise awareness about supporting scholarships that benefit students with disabilities, financial or social challenges, and students from underserved backgrounds. Bringing together more than 500 AUS alumni, students, faculty, staff and participants from over 20 organizations, the event created a dynamic space for community engagement through wellness. A 2km walkathon saw participants registering under their affiliated colleges or organizations, with special recognition awarded to the academic unit and corporate team with the highest number of participants—demonstrating the collective commitment to making education accessible for all. 'At AUS, we believe that talent and potential should never be limited by circumstance. Education must be accessible, inclusive and empowering,' said Dr. Tod Laursen, Chancellor of AUS. 'This initiative demonstrates the strength of our community and its determination to open doors for those who deserve every opportunity to succeed. It's through events like this that we turn our values into action.' Adding to the momentum of the day, the Corporate Games introduced a series of friendly competitions—including football, padel, basketball shootouts, relay races and tug of war—promoting teamwork, wellness and engagement in a spirited environment. 'This event is the culmination of months of planning, collaboration and heartfelt commitment from our team and partners,' said Reem Bardan, Executive Director of Advancement and Alumni Affairs at AUS. 'Our mission is to open doors for students who need it most, and initiatives like this allow us to engage the community in ways that are both meaningful and impactful. It's incredibly rewarding to see so many come together to champion educational access and invest in the future of AUS students.' Get Active for Education was made possible through the generous support of its main sponsors, Alef Group and Crescent Petroleum; its mobility sponsor, smart UAE; and its supporter, The Fresh Market—all of whom share the university's commitment to making quality education accessible to students from all walks of life. Majid Jafar, Chief Executive Officer of Crescent Petroleum, and a main sponsor of AUS institutional advancement programs, said: 'We are proud to be supporters of AUS and its institutional advancement events to empower the next generation of young people in the region to reach their full potential. We believe that activities like the Get Active for Education can create meaningful connections between students and members of the industry to empower students and prepare them for the future of work.' Participants also had the option to purchase a limited-edition Get Active for Education t-shirt, generously sponsored by KnoWear, a brand by Najm Suhail Investment, with 100 percent of the proceeds directed to the Pay It Forward scholarship fund. The registration platform offered an option to contribute additional donations, allowing individuals to amplify their impact. Abdulmunam Mohamed Lootah, Chief Executive Officer of Najm Suhail Investment, said: 'Following in the footsteps of Sheikh Zayed, who taught us that a nation's progress begins with education, KnoWear proudly joins hands with AUS to support scholarships and uplift communities through sport. As a brand founded to fund education through every purchase, this collaboration aligns perfectly with our core mission—to create lasting impact by changing the lives of underserved students worldwide.' Event participants also entered into a raffle draw, powered by Samsung, with prizes distributed at the conclusion of the event. Meanwhile, the AUS Student Council also hosted the ongoing AUS Olympics, featuring sports competitions between the university's student cultural clubs. The event also offered family-friendly activities, food and beverage outlets and entertainment, making it a meaningful and enjoyable day for the entire AUS community. For more information about the Pay It Forward campaign or upcoming initiatives by the AUS Office of Advancement and Alumni Affairs, visit
