Dana Gas

Dana Gas was incorporated and listed on the Abu Dhabi Securities Exchange in 2005 with founder shareholders being Crescent Petroleum, the Sharjah government, and hundreds of regional businesses and other individuals. The original project was to supply gas to the northern Arab Emirates from Iran based upon a gas supply agreement that was made between Crescent Petroleum and the National Iranian Oil Company (NIOC) in 2001.

In January 2007, Dana acquired Calgary-based Centurion Energy in the US$1 billion deal. Dana Gas raised $1 billion in convertible Islamic bonds, or sukuk, in London in 2007.

The 25-year agreement made between Crescent Petroleum and the NIOC resulted in completion of a pipeline from the Salman field to Sharjah. However, the pipeline has remained mostly unused because of allegations of corruption and a legal dispute. The pipeline was used briefly in 2010 when the NIOC sent gas to Dana Gas' Sharjah facility for testing purposes. As of late 2017, the parties (including Dana Gas) were awaiting the results of an arbitral tribunal in The Hague, following hearings to decide on the amount of damages that should be paid by NIOC to damaged parties to compensate for failing to supply the gas.

In May 2009, Dana Gas and Crescent Petroleum signed an agreement with MOL, OMV and RWE, shareholders of the Nabucco pipeline project, to create Pearl Petroleum for developing gas fields in Iraq's Kurdistan. As part of Pearl Petroleum, Dana Gas has had multiple disputes over rights and payments with the Kurdistan Regional Government (KRG). In 2013, Pearl Petroleum submitted a case against the KRG in the London Court of International Arbitration (LCIA), alleging the ruling body underpaid for gas liquid production and were denying other contractual rights. In November 2015, a London court ruled in the consortium's favor, confirming contractual rights for sole development and awarding damages for overdue payments totaling $1.98 billion. Another London court determined the KGR did not have sovereign immunity, and ordered full payment of $100 million within 30 days, but the parties agreed to a payment schedule. Dana Gas and RWE settled their dispute out of court, resulting in RWE acquiring a 10% stake in Dana Gas for an undisclosed amount. In February 2017, the LCIA determined the KRG had prevented Dana Gas from developing the Chemchemal and Khor Mor reservoirs, per the 2007 agreement. The court ordered the KRG to pay approximately $121 million plus interest for money owed; punitive damages would be determined later.

In April 2017, the International Court of Arbitration in London ruled in favor of the government's Ministry of Natural Resources, resulting in fewer payments to Dana Gas by the KRG. Pearl Petroleum then filed a petition one month later in a federal court in Washington, D.C., seeking damages of at least $26.5 billion because of project delays. The groups reached a financial settlement in August 2017, with the KRG paying $600 million (AED2.2 billion) to the companies, as well as $400 million (AED1.5 billion) for regional development. The settlement increased Dana Gas' cash balance and stock value. The KRG fell behind on payments to Dana Gas prior to the settlement, but all were submitted on time since the agreement was made.

Dana Gas and Crescent Petroleum started arbitration proceedings against MOL in September 2017 over the August agreement made by Dana Gas, the KRG, and Pearl Petroleum. MOL has a 10% stake in Pearl, and disagreed with the terms of the settlement. Before initiating proceedings, Dana Gas and Crescent Petroleum sold their shares of MOL in 2019.

Egypt

The company has operated in Egypt since 2007. Dana Gas is the nation's fifth largest gas producer, and had fourteen development leases, three exploration concessions, and two processing plants, as of May 2018. The company was producing approximately 37,000 barrels (5,900 m3) of oil equivalent per day at the time.

During 2008–2009, Dana Gas discovered the Sondos-1 and 2 dry gas wells, the Azhar-1 gas/condensate well, and the Tulip-1 gas well. The production test for the latter, located in the West Al Qantara Concession, yielded 11.4 million cubic feet per day (320 thousand cubic metres per day) and 318 barrels (50.6 m3) of condensate per day. The company announced plans to develop an oil field in the Komombo basin south of Cairo in early 2010. In 2011, Dana Gas discovered the South Abu El Naga-2 dry gas well in the West El Manzala Concession, and was the sixth largest gas producer in the country. The company made two additional natural gas discoveries in 2012, and began operating a natural gas liquids plant. Commercial operations at the Allium-1 and West Sama-1 fields started in 2013, increasing gas production in Egypt by approximately 10%. Production for these fields occurs at the El Wastani and South El Manzala plants.

Dana Gas' El Wastani gas plant underwent maintenance and de-bottlenecking work in early 2014; planned upgrades increased production by 25% to 200 million cubic feet per day (5.7×10^6 m3/d). In 2014, two onshore concessions in the Nile Delta owned by the Egyptian Natural Gas Holding Company—North Al Salhiya (Block 1) and Al Matariya (Block 3)–were awarded to Dana Gas for six years. The two blocks had eleven and twelve wells, respectively, at the time, and joined Dana Gas' other Nile Delta concessions: the Al Manzala, West Al Manzala, and West Al Qantara. Dana Gas and BP formed a joint venture to drill the Al Matariya hydrocarbon exploration.

In 2014, Dana Gas was licensed to explore Block 6, which has three prospects totaling as much as 20 trillion cubic feet (570 billion cubic metres) of gas. The company is expected to start drilling its first exploration offshore well, which targets one of these three prospects, in 2019. Dana Gas announced the completion of the Balsam-8 well in 2018.