ERBIL, Kurdistan Region — Dana Gas announced that it will increase its investments in the Kurdistan Region by selling some of its assets in Egypt.
The company said in a statement that it will begin implementing its plans to increase natural gas production in the Kurdistan Region.
"Our aim is always to maximize returns to shareholders and optimize our portfolio. The sale of our Egyptian
assets forms a key part of this strategy," said Patrick Allman Ward, General Manager of Dana Gas.
"Completion of the sale process will allow us to strengthen our balance
sheet and focus our attention on the development of our world class assets in the KRI, of which our current
share of reserves are over 1 billion barrels of oil equivalent," Ward added.
The Dana Gas company, which produces 400 million cubic feet of natural gas million standard cubic feet per day (MMscf/d) in the Khor Mor refinery in the Kurdistan Region, plans to increase its natural gas production to 650 million MMscf/d in 2020 and 900 million MMscf/d by 2023.
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