Latest news with #KM250
Rudaw Net
03-04-2025
- Business
- Rudaw Net
Dana Gas says mega Khor Mor expansion to finish ahead of schedule
Also in ECONOMY Oil producers accuse Baghdad of trying to 'unilaterally' alter contracts Iraq aims for 6 million bpd oil output by 2029: Oil ministry US urges Iraq to resume Kurdish oil exports, honor contracts with American companies Kurdistan oil exports could resume next week: Lawmaker A+ A- ERBIL, Kurdistan Region - The UAE-based Dana Gas announced on Thursday that a mega expansion project at the key Khor Mor gas field in Sulaimani province is set to be completed early next year, ahead of schedule. A major expansion project at Khor Mor, known as KM250, is expected to drastically increase the production of gas from the field by an additional 250 million standard cubic feet of gas per day (mmscf/d), significantly boosting the Kurdistan Region's electricity generation capabilities. 'Development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project … has advanced in recent months through fast-track simultaneous project construction and commissioning activities,' Dana Gas said in a disclosure on the Abu Dhabi Securities Exchange (ADX). Crescent Petroleum and its affiliate, Dana Gas, struck a deal with the Kurdistan Regional Government (KRG) in 2007 to develop the Region's substantial gas resources. They also agreed to establish Kurdistan Gas City, a major new gas-utilization industrial complex to promote private sector investment. In the disclosure, Dana Gas revealed that production from Khor Mor reached 525 mmscf/d per day in early March, 'a growth of 75% since 2017, in addition to 15,200 b/d of condensate and 1,070 t/d of LPG.' 'The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region,' it stated. The KM250 expansion project is supported by a seven-year, $250 million financing agreement between Dana Gas and the US International Development Finance Cooperation. ''We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project,' said Crescent Petroleum CEO Majid Jafar. 'This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.' Dana Gas CEO Richard Hall said that the KM250 expansion 'will transform our business, enabling the next major phase of expansion.' Located in Sulaimani's Chamchamal district, Khor Mor frequently comes under attack, reportedly by Iran-affiliated Iraqi militias taking advantage of its strategic and economic importance for the Kurdistan Region, leading to major power disruptions across the Region and hindering expansion projects at the site. A drone targeted the field in February but did not cause material damage or casualties. Sulaimani-based Kurdish counterterrorism forces blamed 'militia groups and outlaws' for the attack. In April of last year, a drone strike at the site killed four Yemeni nationals and injured several others who were repairing damage from a previous attack. The strike caused Dana Gas to suspend production temporarily. Dana Gas has also warned that attacks on Khor Mor directly impact the lives of the Kurdistan Region's citizens.
Zawya
25-02-2025
- Business
- Zawya
Dana Gas' Board recommends a dividend of AED 385mln (5.5 fils per share) for 2024
Executing a pipeline of growth projects to drive revenue growth and support sustainable dividends Sharjah, UAE: The Board of Directors of Dana Gas PJSC (the 'Company'), the Middle East's largest regional private sector natural gas company, today announced it has recommended a dividend payment 5.5 fils per share for the full year 2024. The dividend payment of 385 million ($105mm) reflects the Company's strong financial position and aligns with the Company's objective of maintaining a sustainable dividend policy. The recommendation comes as Dana Gas successfully strengthened its balance sheet, following higher collections, improved cash flow, and proactive financial management in 2024. The Company's total collections rose to AED 1.2 billion ($326mm), a 37% increase from 2023, supported by the direct payment mechanism in the Kurdistan Region of Iraq (KRI) and improved receivables management in Egypt. Hamid Jafar, Chairman of the Board of Directors, said: ' The Board's dividend recommendation reflects Dana Gas's strong financial performance and confidence in its long-term outlook. Strengthening our balance sheet and enhancing cash flow have been key priorities in 2024, and the significant progress in this area enables us to resume sustainable dividend payments while continuing to invest in future growth projects that will support growing dividends in the future. With the KM250 expansion project on track and the successful signing of the Egypt Consolidation Agreement, Dana Gas is well-positioned to capitalise on future opportunities and create long-term value for shareholders while maintaining financial discipline' Dana Gas delivered solid financial and operational performance in 2024, reporting a 5% increase in revenue to AED 1.63 billion ($445mm) and a net profit of AED 553 million ($151mm). The Company also continued advancing the KM250 expansion project, which remains on track for first gas in Q2 2026, and formally signed its new Consolidated Concession Agreement in Egypt, supporting long-term growth and investment in the country. The Company's strengthened financial position was supported by AED 488 million ($133mm) in dividends received from Pearl Petroleum and a reduction in corporate debt by over $78 million in 2024, bringing it down to $28 million. The Board's recommendation will be subject to shareholder approval at the upcoming Annual General Meeting (AGM) on 16 April 2025. 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:
Trade Arabia
08-02-2025
- Business
- Trade Arabia
Dana Gas revenue soars to $445m in 2024; net profit up 15pc
Dana Gas, a leading regional private sector natural gas company, has reported a revenue growth of 5% in FY 2024, reaching AED 1.63 billion ($445 million), up from AED1.55 billion ($423 million) the year before, driven primarily by the recognition of additional revenue from improved fiscal terms under the recently signed Consolidated Concession Agreement in Egypt. Announcing its un-audited preliminary financial results for the 12-month period ended December 31, 2024, Dana Gas said its net profit stood at AED553 million ($151 million), compared to AED 586 million ($160 million) in 2023, after a one-off impairment charge of AED121 million ($33 million) in Egypt related to past costs of old concessions. Excluding this one-off impairment, net profit for the year was AED674 million ($184 million), a 15% increase from AED586 million ($160 million) in 2023, it stated. In Q4 2024, Dana Gas said its revenue surged by 64% to hit AED583 million ($159 million), up from AED356 million ($97 million) in the same period last year, primarily due to the recognition of additional revenue under the newly signed Consolidated Concession Agreement in Egypt. The Q4 net profit increased by 15% to AED143 million ($39 million), compared to AED125 million ($34 million) in Q4 2023, as a result of the additional revenue and lower financing costs. In September last year, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed fully in December and the project is now scheduled to achieve first gas by Q2 2026. Once operational, KM250 will add processing capacity for an additional 250 MMscf/d of gas, significantly boosting Company's cashflows and financial performance, said the statement from Dana Gas. Khor Mor facilities currently supply more than 500 mmscf/d of gas to four power stations and enables the generation of approximately 2,800 MW of electricity which constitutes more than 75% of the KRI's power generation. This supply of steady and affordable gas, results in significant fuel cost savings and affordable electricity for millions of Iraqis in the KRI and neighboring governorates, benefiting the whole of Iraq, said the statament. Once completed, additional gas supplied by the KM 250 project to the region's power stations will play a vital role towards further supporting the economic development across the KRI and Iraq, it added. At the end of 2024, Dana Gas formally signed the new Consolidation Agreement with the Ministry of Petroleum & Mineral Resources and the Egyptian Natural Gas Holding Company (EGAS). The agreement replaces the company's existing concessions with a single concession encompassing an additional 297 sq. km of exploration acreage and improved fiscal terms, enabling greater operational efficiency and unlocking further investment opportunities. Under the Agreement, Dana Gas has committed to a $100 million development and exploration programme, including the drilling of 11 wells. On the solid results, CEO Richard Hall said: "I am pleased with the progress we made in 2024. After some delays with KM250, Pearl took over direct management of the project from the incumbent EPC contractor and I am confident, with increased Dana Gas involvement, that it is now back on track to deliver first gas by Q2 2026." "Once completed, the project will strengthen our operations and significantly enhance our cash flow. Additionally, thanks to the previously established payment mechanism in the KRI, we received regular payments throughout the year, reducing our outstanding receivables and strengthening our balance sheet," stated Hall. "In Egypt, the successful signing of our new Concession Agreement has led to commencement of the planned investment program, and we're excited about the potential upside possibilities under the new Agreement," he added. Looking ahead, Hall said the group was optimistic about the future and actively evaluating the resumption of sustainable dividend payments to its shareholders.
Zawya
07-02-2025
- Business
- Zawya
Dana Gas announces net profit of AED 553mln ($151mln) for FY 2024
RELATED TOPICS EARNINGS RELATED COMPANIES Dana Gas Levidian the egyptian natural gas holding company (egas) Dana Gas the egyptian natural gas holding company (egas) Highlights – FY 2024 Revenue increased by 5% to AED 1.63 billion ($445mm) KM250 construction resumed under Pearl Petroleum; completion expected in Q2 2026 New consolidated concession agreement signed in Egypt with improved fiscal terms Company's cash collections increased by 37% to AED 1.2 bn ($326mm) Sharjah, UAE: Dana Gas PJSC (the 'Company'), the Middle East's largest regional private sector natural gas company, today announced its un-audited preliminary financial results for the full year ended 31 December 2024. The Company reported revenue growth of 5% in 2024, reaching AED 1.63 billion ($445mm), up from AED 1.55 billion ($423mm) in 2023, driven primarily by the recognition of additional revenue from improved fiscal terms under the recently signed Consolidated Concession Agreement in Egypt. Net profit stood at AED 553 million ($151mm), compared to AED 586 million ($160mm) in 2023, after a one-off impairment charge of AED 121 million ($33 million) in Egypt related to past costs of old concessions. Excluding this one-off impairment, net profit for the year was AED 674 million ($184mm), a 15% increase from AED 586 million ($160mm) in 2023. In Q4 2024, revenue increased by 64% to AED 583 million ($159mm), up from AED 356 million ($97mm) in the same period last year, primarily due to the recognition of additional revenue under the newly signed Consolidated Concession Agreement in Egypt. Q4 net profit increased by 15% to AED 143 million ($39mm), compared to AED 125 million ($34mm) in Q4 2023, as a result of the additional revenue and lower financing costs. KM250 Update In September 2024, Pearl Petroleum took over full responsibility for the KM250 expansion project following the termination of the original EPC contractor. Construction resumed fully in December and the project is now scheduled to achieve first gas by Q2 2026. Once operational, KM250 will add processing capacity for an additional 250 MMscf/d of gas, significantly boosting Company's cashflows and financial performance. Khor Mor facilities currently supply more than 500 mmscf/d of gas to four power stations and enables the generation of approximately 2,800 MW of electricity which constitutes more than 75% of the KRI's power generation. This supply of steady and affordable gas, results in significant fuel cost savings and affordable electricity for millions of Iraqis in the KRI and neighboring governorates, benefiting the whole of Iraq. Once completed, additional gas supplied by the KM 250 project to the region's power stations will play a vital role towards further supporting the economic development across the KRI and Iraq. Egypt Consolidation At the end of 2024, Dana Gas formally signed the new Consolidation Agreement ('the Agreement') with the Ministry of Petroleum & Mineral Resources and the Egyptian Natural Gas Holding Company (EGAS). The Agreement replaces the Company's existing concessions with a single concession encompassing an additional 297 sq. km of exploration acreage and improved fiscal terms, enabling greater operational efficiency and unlocking further investment opportunities. Under the Agreement, Dana Gas has committed to a $100 million development and exploration program, including the drilling of 11 wells. This program will help to mitigate the natural field declines by adding additional production which is expected to increase gas recovery by 80 billion cubic feet. Additionally, the increased gas supply is projected to generate cost savings of over $1 billion for Egypt's economy, reducing reliance on imported LNG and mazut for power generation. The Company also received c. $20 million from the Egyptian Government in December 2024. As previously stated, these funds will be reinvested into the Company's operations in Egypt, enabling Dana Gas to proceed with the first phase of the consolidation development program and deliver on its commitments under the Agreement. Richard Hall, CEO of Dana Gas, commented: 'I am pleased with the progress we made in 2024. After some delays with KM250, Pearl took over direct management of the project from the incumbent EPC Contractor and I am confident, with increased Dana Gas involvement, that it is now back on track to deliver first gas by Q2 2026. Once completed, the project will strengthen our operations and significantly enhance our cash flow. Additionally, thanks to the previously established payment mechanism in the KRI, we received regular payments throughout the year, reducing our outstanding receivables and strengthening our balance sheet. 'In Egypt, the successful signing of our new Concession Agreement has led to commencement of the planned investment program, and we're excited about the potential upside possibilities under the new Agreement. 'We hope to build on these achievements in 2025. Looking ahead, we are optimistic about the future and are actively evaluating the resumption of sustainable dividend payments to our shareholders. We will also continue to focus on operational excellence, innovation, and strengthening partnerships in the KRI and Egypt to drive long-term growth.' Operations & Production Average group production declined in 2024 to 54,850 boepd, a 7% reduction from 58,700 boepd in 2023. This was due to a 25% reduction in Egypt to 16,450 boepd, due to natural field declines. This was offset by a 4% increase in production output in the KRI to 38,400 boepd versus 36,900 boepd in 2023. Liquidity As of 31 December 2024, the Company's consolidated cash balance stood at AED 1.16 billion ($317mm), including AED 861 million ($235mm) held at the Pearl Petroleum level. The Company's total consolidated debt stands at c. AED 934 million ($255mm). This includes AED 103 million ($28mm) at the corporate level, which is down from AED 396 million ($108mm) in 2023. The Company strengthened its financial position in 2024 through proactive management of collections and cash flow. Total collections for the year increased to AED 1.2 billion ($326mm), compared to AED 872 million ($238mm) in 2023. Throughout the year Dana Gas received dividend payments of AED 488 million ($133mm) from Pearl Petroleum. In the KRI, collections totalled AED 957 million ($261mm), reflecting the successful implementation of the payment mechanism agreed in late 2023. In Egypt, collections were AED 238 million ($65mm), with a $20 million payment received in December. The Company's receivables in the KRI (Dana Gas share) stood at AED 246 million ($67m) and at AED 286 million ($78mm) in Egypt by the end of 2024. Levidian Investment The Company also made strides in 2024 to drive innovation in its operations. In September, Dana Gas partnered with UK-based climate tech company Levidian to pilot its LOOP technology, which converts methane into high-quality graphene and hydrogen. With targeted deployment in 2025, the pilot unit will explore the potential for Levidian's LOOP technology to reduce greenhouse gas emissions, support the Company's goal of near-zero methane emissions by 2030, and create new revenue streams through the annual production of tonnes of graphene. 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: Communication & Investor Relations Contact Mohammed Mubaideen Head of Investor Relations IR@
