By John Lee.
UAE-based Dana Gas has announced its financial results covering nine months to 30th September 2024.
Regarding the company's operations in the Kurdistan Region of Iraq, it said:
"Dana Gas and Pearl Petroleum (Pearl) are fully committed to safely and efficiently resuming the KM250 project. Following the termination of the previous EPC contract, Pearl Petroleum has now assumed direct control of construction. Full-scale construction activities are set to restart imminently, with first gas scheduled in Q2 2026.
"In October, Pearl successfully raised $350 million through a bond issue, which was well received by international investors. The bond, which carries a 3.5-year maturity, will allow sufficient time for the completion of KM250 and covers any remaining capital expenditure needs. Once operational, the KM250 expansion will significantly boost production capacity while delivering substantial benefits to the people of the Kurdistan Region and all of Iraq."
Pearl Petroleum, a five-company consortium comprised of Dana Gas, Crescent Petroleum, OMV, MOL and RWE, announced in August that it had issued a formal notice of termination to Enerflex, the EPC (engineering, procurement, and construction) contractor for the Khor Mor Gas Expansion Project (KM250). Dana Gas said in September that Pearl has commenced arbitration proceedings against the Canadian company.
The full announcement can be read here.
(Source: Dana Gas)
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