Page 13 - MEOG Week 19 2022

MEOG NEWS IN BRIEF MEOG

financial institutions, governments and energy Dr Patrick Allman-Ward, CEO of Dana Economic Affairs and Minister of Finance, is
stakeholders is key to meeting the financing Gas, commented: “Building on the positive among the confirmed participants.
challenges for the energy transition in the momentum from 2021, Dana Gas has The event will cover a number of
region. nogaholding can play a significant role delivered one of its best quarterly results, important issues related to energy, including
in supporting Bahrain’s diversification efforts supported by high energy prices, continued global energy security, the energy transition,
as it looks to shifts towards cleaner sources high KRI operational performance and our uncertainties related to economic recovery,
of energy. We look forward to deepening low-cost base. This has allowed the Board of investment and sustainable development.
our relationship with the nogaholding and Directors to recommend a 4.5 fils dividend “We are extremely excited to return to
working with it on its future strategic funding payment to shareholders. Looking ahead, Baghdad and to take part in the 6th IEF,
requirements.” good progress continues to be made on the which is taking place at a decisive moment in
Tom Lind, Senior Executive Officer Al $600 million KM250 gas expansion project. the history of the energy sector - [it] promises
Ahli Bank of Kuwait - DIFC Branch, said: The next phase of development is expected thought-provoking discussions on some of the
“The successful conclusion of this transaction, to contribute an additional 25% to our total most important issues of our times,” OPEC
which was well received in the regional loan production capacity by Q2 2023 and will Secretary General Mohammad Barkindo said.
markets, emphasizes the importance and positively impact our top and bottom lines He added that forum has grown into a
stature of nogaholding as a prime issuer in and support future dividend payments. premier regional event that attracts luminaries
the Middle East and also underscores the The outlook for the remainder of 2022 is from Iraq’s energy industry, high-level
capabilities of regional banks to engage in particularly encouraging, as energy prices and policymakers and some of the foremost
sustainable financing solutions. We thank demand remain strong due to the prevalent thinkers on energy. Oil prices have been
the transaction team of nogaholding and our global economic challenges.” extremely volatile this year, affected by the
colleagues at GIB and Mashreq Bank for their The Group’s overall production fell slightly conflict in Ukraine and concerns about
good cooperation.” to 62,400 boepd in Q1 2022 versus 64,900 demand in China as well as tighter US crude
NOGAHOLDING boepd in Q1 2021. Production output in inventories.
the KRI remained similar year-on-year, “As the birthplace of OPEC in 1960
Dana Gas more than with production averaging 35,400 boepd in and one of the world’s most important
oil providers, Iraq is well suited to host
Q1 2022 versus 35,300 in Q1 2021. Egypt
doubles net profit in Q1 production declined 7% to 27,000 boepd as a discussions on how to ensure a stable,
secure and sustainable energy future for all,”
result of natural field depletion.
Dana Gas, the Middle East’s largest regional Furthermore, the KM250 expansion plans Barkindo said.
private sector natural gas company, today are progressing well. The KM expansion Owing to the Russian war-related trade
announced its financial results for the first project is on track to deliver first gas in Q2 and production disruptions, the price of
quarter ended 31 March 2022. 2023. Brent - the global benchmark for two thirds
Net Profit was up 125% in Q1 2022, DANA GAS of the world’s oil - is expected to average $100
reaching AED 198 million ($54mm) or 2.8 a barrel this year, its highest level since 2013,
fils per share as compared to AED 88 million after increasing by more than 40 per cent
($24mm) or 1.26 fils per share in Q1 2021, OIL annually, a World Bank report released last
reflecting strong business performance. month showed.
Revenue was AED 513 million ($140mm), OPEC to attend Iraq Energy As the second-largest producer of oil in
32% higher compared to AED 389 million OPEC, Iraq is making an effort to maximise
($106mm) in Q1 2021. The increase in Forum in June its oil exports and revenue.
revenue and profit was the result of higher Iraq can ensure crude oil exports of more
hydrocarbon prices and the Company’s OPEC said it will participate in the sixth Iraq than 3.3 million barrels per day from its
successful efforts to manage costs. The Energy Forum in Baghdad from June 18-20. southern terminals, as the country looks to
Company’s EBITDA increased 62% in Q1 Held under the theme “The Middle East leverage higher energy prices to support its
2022 at AED 297 million ($81mm). as the cornerstone of global energy security”, economy, Iraq’s Minister of Oil Ihsan Abdul-
The company’s realized prices during the the forum is expected to welcome government Jabbar said last month.
period averaged $82/bbl for condensate and officials, policymakers, industry leaders, The forum will also host the formal
$43/boe for LPG compared to $44/bbl and experts and analysts from around the world. launch of the book OPEC 60 Years and
$33/boe respectively in Q1 2021. Ali Allawi, Iraq’s Deputy Prime Minister of Beyond: A Story of Courage, Co-operation

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