Page 14 - MEOG Week 16 2022

MEOG NEWS IN BRIEF MEOG

However, granting and ESG rating to an AED 469 million ($128 million) when one-off “significantly reduced” under the previous
organisation that mainly finances oil and gas non-cash impairments and other income are Iranian administration but the new
projects leaves the process behind ESG status excluded. administration had planned to increase
and verification open to question, critics and Production output from the Kurdistan potential capacity to the maximum level and
environmental campaigners argue. Region of Iraq (KRI) reached 33,800 boepd in reach the pre-sanctions threshold. He said
ARAB NEWS 2021, a 5% increase on 2020, and helped offset measures had been taken to prepare for that
a drop in production from Egypt as a result of capacity.
Dana Gas shareholders natural field depletion. Sales gas production situation that can be swiftly returned to the
“The country’s oil industry is [now] in a
from KRI operations reached a record 452
approve cash dividend million cubic feet of gas per day (MMscf/d), pre-sanctions level,” he said.
marking a significant milestone and 50%
He said the new administration’s measures
Shareholders of Dana Gas PJSC, the Middle increase in KRI production since 2018. to bypass sanctions had enabled production
East’s largest regional private sector natural Progress continues with the KM250 gas at his company to increase by 600,000 barrels
gas company, have today approved the expansion project in the Kurdistan Region of a day.
Board of Director’s recommendation at the Iraq (KRI). Construction works at the Khor The NISOC director said 750 million
Company’s Annual General Assembly to Mor field are moving ahead on schedule, dollars had been allocated to the company
distribute AED 315 million ($86 million) or and remains on track to deliver the first for the purposes of reconstruction and
4.5 fils per share cash dividend for the second 250 MMscf/d gas processing train in Q2 technology enhancement.
half of the financial year ended 31 December 2023, which would increase gas production Daneshi also said the oil industry was
2021. from 450 MMscd/d to 700 MMscf/d. After committed to its social responsibilities toward
The payment will bring the total dividend completion of the KM250 project, the the environment and had already carried out
for the financial year ended 31 December partners also plan a further KM500 train that 110 projects over the past five years to fulfill
2021 to AED 560 million ($ 153 million) or 8 would raise production to almost 1 billion such obligations. NISOC produces almost 80
fils per share, a 45 % increase compared to the cubic feet per day to meet rising demand for percent of Iran’s crude and 16 percent of its
dividend for 2020. This reflects the Company’s cleaner and cost effective natural gas to fuel gas needs.
strong operational and financial performance electricity generation in throughout 2022 the IRAN FRONT PAGE
during the year, and makes Dana Gas one of KRI for the benefit of the Region and all of
the highest-yielding listed companies in the Iraq. Oil derivatives reach
UAE. DANA GAS
In their meeting shareholders approved a Yemen’s Al-Mahra and
new dividend policy that allows for interim
dividend payments. OIL Hadhramaut
Hamid Jafar, Chairman of Dana Gas, said:
“Dana Gas’ 2021 performance with strong Southern Iran at highest A new shipment of oil derivatives consisting
financial results and increased dividend of 5,400 tons of diesel, granted to Yemen
payments to its shareholders are testaments to readiness level to produce by Saudi Arabia, has reached Al-Mahra
the Company’s careful management of costs Governorate, coinciding with the month of
and continued operational excellence against crude Ramadan.
a backdrop of higher global energy prices. The grant was provided through the Saudi
Through 2022 we will continue to focus on The National Iranian South Oil Company Development and Reconstruction Program
our long-term growth strategy and anticipate (NISOC) says Iran’s oil-rich south is at the for Yemen (SDRPY) to feed the governorate’s
positive financial results in an environment of highest level of readiness to produce crude. power plants.
continued high energy prices.” Alireza Daneshi, the director of NISOC, The new batch was received in the presence
For the full year 2021, the Company posted told Iranian television on Tuesday that of senior Yemeni officials and SDRPY office
a net profit of AED 1.2 billion ($317 million) production at that capacity would become director in Al-Mahra, and Hadhramaut
or 14.5 fils per share as compared to a net loss operational once the sanctions targeting Iran’s Abdullah Basliman.
of AED 1.4 billion ($376 million) in 2020, and oil industry are lifted. The Secretary-General of the Local
on an adjusted basis, it posted a net profit of Daneshi said the sale of oil had Council of Al-Mahra Governorate Salem

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