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.{{cite news |last1=Kerr |first1=Simeon |title=Dana aims to power Iraqi needs |url=https://www.ft.com/content/aaf488cc-3d53-11dd-bbb5-0000779fd2ac |accessdate=22 April 2019 |work=Financial Times |date=18 June 2008}} 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.{{cite news |title=Citi, Barclays to manage $1 bln bond for UAE's Dana |url=https://www.reuters.com/article/idUSL0332292920070703 |accessdate=22 April 2019 |agency=Reuters |date=3 July 2007}}

In January 2007, Dana acquired Calgary-based Centurion Energy in the US$1 billion deal.{{cite journal |title=Dana Gas to acquire Centurion Energy |journal=Oil & Gas Journal |date=13 November 2006 |url=https://www.ogj.com/articles/2006/11/dana-gas-to-acquire-centurion-energy.html |accessdate=8 April 2019}} Centurion had assets in Egypt, Tunisia, and West Africa at the time.{{cite news |last1=Hoffman |first1=Andy |title=UAE's Dana Gas buys Centurion for $1.1-billion |url=https://www.theglobeandmail.com/report-on-business/uaes-dana-gas-buys-centurion-for-11-billion/article20416662/ |accessdate=July 23, 2019 |work=The Globe and Mail |date=November 13, 2006}}{{cite news |last1=Fildes |first1=Nic |title=Centurion succumbs to $1bn Dana Gas takeover |url=https://www.independent.co.uk/news/business/news/centurion-succumbs-to-1bn-dana-gas-takeover-424154.html |accessdate=23 July 2019 |work=The Independent |date=13 November 2006}} 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.{{cite news |last1=Gnana |first1=Jennifer |title=Dana Gas to balance investment against payment owed in Egypt |url=https://www.thenational.ae/business/energy/dana-gas-to-balance-investment-against-payment-owed-in-egypt-1.760016 |accessdate=2 April 2019 |work=The National}} The pipeline was used briefly in 2010 when the NIOC sent gas to Dana Gas' Sharjah facility for testing purposes.{{cite news |last1=McAuley |first1=Anthony |title=Iran's gas dispute with Sharjah's Crescent Petroleum enmeshed in politics |url=https://www.thenational.ae/business/iran-s-gas-dispute-with-sharjah-s-crescent-petroleum-enmeshed-in-politics-1.86124 |accessdate=22 April 2019 |work=The National |date=13 April 2015}} In 2014, an international tribunal determined the agreement was binding, and NIOC should have been supplying gas since 2005 and should pay damages. 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.{{cite news |last1=McAuley |first1=Anthony |title=Dispute between Sharjah's Crescent Petroleum and Iran moves to damages phase |url=https://www.thenational.ae/business/dispute-between-sharjah-s-crescent-petroleum-and-iran-moves-to-damages-phase-1.14407 |accessdate=10 April 2019 |work=The National |date=13 April 2015}}{{cite news |last1=Gnana |first1=Jennifer |title=Exclusive: Dana Gas ready to import Iranian gas if supplies are 'reliable' |url=https://www.thenational.ae/business/energy/exclusive-dana-gas-ready-to-import-iranian-gas-if-supplies-are-reliable-1.676007 |accessdate=10 April 2019 |work=The National |date=15 November 2017}}

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.{{cite news | title= Dana Gas, Crescent Petroleum to boost Khor Mor gas production 63% within two years |url=https://www.worldoil.com/news/2019/3/6/dana-gas-crescent-petroleum-to-boost-khor-mor-gas-production-63-within-two-years |accessdate=23 October 2019 |work= World Oil |date= 3 June 2019}} 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.{{cite news |last1=Zhdannikov |first1=Dmitry |title=Kurdistan pays $1 billion to Dana Gas, partners to settle London case |url=https://www.reuters.com/article/us-dana-gas-arbitration/kurdistan-pays-1-billion-to-dana-gas-partners-to-settle-london-case-idUSKCN1BA272 |accessdate=3 April 2019 |agency=Reuters |date=30 August 2017}}{{cite journal |title=Dana Gas group files arbitration on Kurdistan government |journal=Oil & Gas Journal |date=October 23, 2013 |url=https://www.ogj.com/general-interest/government/article/17258979/dana-gas-group-files-arbitration-on-kurdistan-government |accessdate=23 July 2019}} 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,{{cite news |last1=McAuley |first1=Anthony |title=Kurdish outlay saved costs, says Dana Gas |url=https://www.thenational.ae/business/kurdish-outlay-saved-costs-says-dana-gas-1.137931 |accessdate=9 April 2019 |work=The National |date=6 April 2016}} and ordered full payment of $100 million within 30 days, but the parties agreed to a payment schedule.{{cite news |last1=McAuley |first1=Anthony |title=Dana Gas wins case against KRG over development of Khor Mor and Chemchemal |url=https://www.thenational.ae/business/dana-gas-wins-case-against-krg-over-development-of-khor-mor-and-chemchemal-1.28894 |accessdate=8 April 2019 |work=The National |date=14 February 2017}}{{cite news |last1=Goran |first1=Baxtiyar |title=Dana Gas CEO admits losing case against KRG |url=http://www.kurdistan24.net/en/news/9c8adda6-f194-4a0e-a659-22de10a76397/dana-gas-ceo-admits-losing-case-against-krg |accessdate=8 April 2019 |date=13 April 2017 |publisher=Kurdistan 24}} 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.{{cite news |last1=Dipaola |first1=Anthony |title=Dana Gas Venture Seeks $26.5 Billion Damages From Iraq Kurds |url=https://www.bloomberg.com/news/articles/2017-05-30/dana-gas-venture-seeks-26-5-billion-in-damages-from-iraqi-kurds |accessdate=8 April 2019 |work=Bloomberg.com |date=30 May 2017}} The groups reached a financial settlement in August 2017,{{cite news |last1=Townsend |first1=Sarah |title=Dana Gas reaches agreement on $700m sukuk restructuring |url=https://www.thenational.ae/business/energy/dana-gas-reaches-agreement-on-700m-sukuk-restructuring-1.729962 |accessdate=3 April 2019 |work=The National |date=12 May 2018}} with the KRG paying $600 million (AED2.2 billion) to the companies, as well as $400 million (AED1.5 billion) for regional development.{{cite news |title=UAE's Dana Gas reaches deal over delayed Kurdish natural gas project |url=https://www.arabianbusiness.com/industries/energy/377734-uaes-dana-gas-reaches-deal-over-delayed-kurdish-natural-gas-project |accessdate=3 April 2019 |work=Arabian Business |date=31 August 2017}} The settlement increased Dana Gas' cash balance and stock value.{{cite news |title=Dana begins arbitration against MOL |url=https://www.khaleejtimes.com/business/energy/dana-begins-arbitration-against-mol |accessdate=9 April 2019 |work=Khaleej Times |date=20 September 2017}} The KRG fell behind on payments to Dana Gas prior to the settlement,{{cite news |last1=Cornwell |first1=Alexander |title=Update 2 - UAE's Dana Gas freezes Egypt investments over debts |url=https://www.reuters.com/article/dana-results-idUSL5N1FU0GW |agency=Reuters |date=9 February 2017}} 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.

The company has operated in Egypt since 2007.{{cite news |last1=Kamel |first1=Deena |title=Dana Gas gets $40 million from Egypt following payment delays |url=https://www.thenational.ae/business/energy/dana-gas-gets-40-million-from-egypt-following-payment-delays-1.734644 |accessdate=3 April 2019 |work=The National |date=28 May 2018}} 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 {{convert|37000|oilbbl}} of oil equivalent per day at the time.{{cite news |title=Egypt pays $40M to Dana Gas |url=http://www.egypttoday.com/Article/3/51055/Egypt-pays-40M-to-Dana-Gas |accessdate=3 April 2019 |work=Egypt Today |date=28 May 2018}}

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 {{convert|11.4|e6cuft/d|abbr=off}} and {{convert|318|oilbbl}} of condensate per day.{{cite news |title=Dana Gas announced new discovery in Egypt |url=https://www.pressreader.com/uae/gulf-news/20090524/282394100409726 |accessdate=23 July 2019 |work=Gulf News |date=24 May 2009}} The company announced plans to develop an oil field in the Komombo basin south of Cairo in early 2010.{{cite journal |title=Dana Gas to develop south Egypt oil field |journal=Oil & Gas Journal |date=11 January 2010 |url=https://www.ogj.com/home/article/17283063/dana-gas-to-develop-south-egypt-oil-field |accessdate=23 July 2019}}{{cite news |title=Dana Gas makes new oil discovery in Egypt |url=https://gulfnews.com/business/energy/dana-gas-makes-new-oil-discovery-in-egypt-1.566773 |accessdate=23 July 2019 |work=Gulf News |date=12 January 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.{{cite news |title=Dana Gas new discovery in Egypt |url=https://www.emirates247.com/business/energy/dana-gas-new-discovery-in-egypt-2011-05-03-1.388431 |accessdate=10 April 2019 |publisher=Emirates 24/7 |date=3 May 2011}} 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.{{cite news |title=Dana Gas starts output from two Egypt fields |url=https://www.arabianbusiness.com/dana-gas-starts-output-from-two-egypt-fields-492004.html |accessdate=23 July 2019 |work=Arabian Business |date=5 March 2013}}

Dana Gas' El Wastani gas plant underwent maintenance and de-bottlenecking work in early 2014; planned upgrades increased production by 25% to {{convert|200|e6cuft/d}}.{{cite news |title=UAE's Dana Gas starts upgrade for Egypt's El Wastani gas plant |url=https://af.reuters.com/article/commoditiesNews/idAFL6N0LX21I20140228 |accessdate=23 July 2019 |work=Reuters |date=February 28, 2014}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}{{cite news |title=Dana Gas to boost capacity of El Wastani plant by 25% |url=https://www.khaleejtimes.com/article/20140301/ARTICLE/303019870/1037 |accessdate=23 July 2019 |work=Khaleej Times |date=1 March 2014}} 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.{{cite news |last1=Cornwell |first1=Alexander |title=Egypt awards onshore concessions to Dana Gas |url=https://gulfnews.com/business/energy/egypt-awards-onshore-concessions-to-dana-gas-1.1391896 |accessdate=9 April 2019 |work=Gulf News |date=29 September 2014}} Dana Gas and BP formed a joint venture to drill the Al Matariya hydrocarbon exploration.{{cite news |last1=Halligan |first1=Neil |title=Drilling down: Dana Gas CEO Dr Patrick Allman-Ward |url=https://www.arabianbusiness.com/drilling-down-dana-gas-ceo-dr-patrick-allman-ward-659424.html |accessdate=8 April 2019 |work=Arabian Business |date=14 January 2017}}

In 2014, Dana Gas was licensed to explore Block 6, which has three prospects totaling as much as {{convert|20|e12cuft|abbr=off}} of gas.{{cite news |title=Dana Gas to drill in what says could be Egypt's next mega gas field |url=https://www.reuters.com/article/us-danagas-egypt/dana-gas-to-drill-in-what-says-could-be-egypts-next-mega-gas-field-idUSKCN1Q124L |accessdate=1 April 2019 |agency=Reuters |date=12 February 2019 |first1=Eric |last1=Knecht |first2=Nadine |last2=Awadalla}} The company is expected to start drilling its first exploration offshore well, which targets one of these three prospects, in 2019.{{cite news |last1=Al-Youm |first1=Al-Masry |title=Dana Gas to drill second largest Egyptian natural gas field |url=https://ww.egyptindependent.com/dana-gas-to-drill-second-largest-egyptian-natural-gas-field/ |accessdate=1 April 2019 |work=Egypt Independent |date=13 February 2019}}{{cite news |last1=Gnana |first1=Jennifer |title=Dana Gas sees vast potential for gas from offshore Egypt asset |url=https://www.thenational.ae/business/energy/dana-gas-sees-vast-potential-for-gas-from-offshore-egypt-asset-1.825213 |accessdate=2 April 2019 |work=The National |date=13 February 2019}} Dana Gas announced the completion of the Balsam-8 well in 2018.

Production at Zora is slated to end in 2019. Dana is considering sale of its Egypt assets.{{cite news |title= Dana Gas considering sale of Egypt assets |url=https://www.oilandgasmiddleeast.com/drilling-production/34661-dana-gas-considering-sale-of-egypt-assets |accessdate= 23 October 2019 |work = Middle East Oil And Gas |date= 31 July 2019 |first1= Carla |last1= Sertin}}

Through the Pearl Petroleum consortium, Dana Gas and Crescent Petroleum operate the Chemchemal and Khor Mor (Sulaymaniyah Governorate) gas fields in Iraqi Kurdistan.{{cite news |last1=Zhdannikov |first1=Dmitry |title=Iraq's Kurdistan poised for bumper gas growth |url=https://www.reuters.com/article/us-kurdistan-dana-gas/iraqs-kurdistan-poised-for-bumper-gas-growth-idUSKCN1BF1SL |accessdate=8 April 2019 |date=4 September 2017}}{{cite news |last1=Gnana |first1=Jennifer |title=Dana Gas to generate up to $200m in revenues from Kurdish expansion |url=https://www.thenational.ae/business/energy/dana-gas-to-generate-up-to-200m-in-revenues-from-kurdish-expansion-1.835664 |accessdate=2 April 2019 |work=The National |date=11 March 2019}} Dana Gas has operated in Iraqi Kurdistan since 2007, and signed a ten-year gas sales agreement with the government in 2018.{{cite news |last1=Kamel |first1=Deena |title=Dana Gas receives $44m in dividends from Kurdistan operations in H1 2018 |url=https://www.thenational.ae/business/energy/dana-gas-receives-44m-in-dividends-from-kurdistan-operations-in-h1-2018-1.748140 |accessdate=3 April 2019 |work=The National |date=8 July 2018}}{{cite news |title=Dana Gas inks 10-year gas sale agreement with Kurdistan |url=https://www.thenational.ae/business/energy/dana-gas-inks-10-year-gas-sale-agreement-with-kurdistan-1.714995 |accessdate=3 April 2019 |work=The National |date=21 March 2018}} The Khor Mor plant, active since 2008, supplies natural gas to power stations in Bazian, Chemchemal, Erbil.{{cite news |title=Upgrades at Khor Mor gas plant show 30% production hike: Dana Gas, Crescent Petroleum |url=http://www.kurdistan24.net/en/economy/973d298f-b222-47a8-ab48-7f18ae9ca6a2 |accessdate=2 April 2019 |publisher=Kurdistan 24 |date=21 November 2018}}{{cite news |last1=Bridge |first1=Sam |title=UAE's Dana Gas reveals 30% increase in Kurdistan production capacity |url=https://www.arabianbusiness.com/energy/408503-uaes-dana-gas-reveals-30-increase-in-kurdistan-production-capacity |accessdate=22 April 2019 |work=Arabian Business |date=21 November 2018}} Dana Gas' net share of production in Iraqi Kurdistan was approximately {{convert|26000|oilbbl}} of oil equivalent per day during 2017 and the first half of 2018.{{cite news |last1=Shakeel |first1=Shayan |title=Dana Gas reaps nearly $44m in dividends from Kurdistan ops |url=https://www.arabianbusiness.com/energy/400239-dana-gas-reaps-nearly-44m-in-dividends-from-kurdistan-ops |accessdate=3 April 2019 |work=Arab Business |date=8 July 2018}} By late 2018, the company had expanded the Khor Mor plant and implemented improvements to de-bottleneck, increasing production capacity by 30%. The facility was producing {{convert|400|e6cuft|abbr=off}} of gas, more than {{convert|15000|oilbbl/d}} of natural-gas condensate, and 1,000 tonnes per day of liquefied petroleum gas.{{cite news |title=Dana, Crescent's Kurdistan gas output at 200 mcf/day |url=https://www.reuters.com/article/dana-iraq-gas/dana-crescents-kurdistan-gas-output-at-200-mcf-day-idUKLDE6941BM20101005 |accessdate=22 April 2019 |agency=Reuters |date=5 October 2010}} as of late 2018.{{cite news |last1=Saadi |first1=Dania |title=Dana Gas boosts output by 12.5% on higher Iraq and Egypt production |url=https://www.thenational.ae/business/energy/dana-gas-boosts-output-by-12-5-on-higher-iraq-and-egypt-production-1.802264 |accessdate=2 April 2019 |work=The National |date=13 December 2018}}

Dana Gas and Crescent Petroleum struck a twenty-year gas sales agreement with the KRG in 2019, as part of Pearl Petroleum.{{cite news |title=Dana Gas, Crescent sign 20-year gas sales deal with Iraq's KRG |url=https://www.reuters.com/article/uk-emirates-dana-gas-iraq/dana-gas-crescent-sign-20-year-gas-sales-deal-with-iraqs-krg-idUSKCN1QN1GD |accessdate=2 April 2019 |agency=Reuters |date=6 March 2019}}{{cite news |title=Dana Gas and Crescent Petroleum sign 20-year agreement with Kurdistan |url=https://gulfnews.com/business/energy/dana-gas-and-crescent-petroleum-sign-20-year-agreement-with-kurdistan-1.62494193 |accessdate=8 April 2019 |work=Gulf News |date=6 March 2019}}

In the United Arab Emirates (UAE), Dana Gas operates as offshore platform, pipeline, and onshore gas processing plant in the Zora gas field,{{cite news |last1=Graves |first1=LeAnne |title=Rosneft considers exiting JV with Crescent in Sharjah |url=https://www.thenational.ae/business/rosneft-considers-exiting-jv-with-crescent-in-sharjah-1.116393 |accessdate=10 April 2019 |work=The National |date=26 May 2015}} near Sharjah.{{cite news |last1=Gnana |first1=Jennifer |title=Despite sukuk cases, Dana Gas swings to profit in 2017 |url=https://www.thenational.ae/business/energy/despite-sukuk-cases-dana-gas-swings-to-profit-in-2017-1.703570 |accessdate=10 April 2019 |work=The National |date=11 February 2018}} The company's $17 million contract for construction of the offshore platform was awarded to the Interserve subsidiary Adyard Abu Dhabi in November 2013.{{cite news |title=Dana Gas awards contract for Zora offshore field |url=http://www.arabnews.com/news/479046 |accessdate=10 April 2019 |work=Arab News |date=17 November 2013}}{{cite news |title=Dana Gas awards contract for Zora field |url=https://www.khaleejtimes.com/business/local/dana-gas-awards-contract-for-zora-field |accessdate=10 April 2019 |work=Khaleej Times |date=18 November 2013}} Commercial production began in 2016.{{cite journal |title=Zora gas field flowing off Sharjah, Ajman |journal=Oil & Gas Journal |date=23 February 2016 |url=https://www.ogj.com/articles/2016/02/zora-gas-field-flowing-off-sharjah-ajman.html |accessdate=10 April 2019}}{{cite news |title=Dana Gas Rallies After Expanding Gas Production to Third Country |url=https://www.bloomberg.com/news/articles/2016-03-02/dana-gas-rallies-after-expanding-gas-production-to-third-country |accessdate=10 April 2019 |work=Bloomberg.com |publisher=Bloomberg L.P. |date=2 March 2016 |first1=Nayla |last1=Razzouk |first2=Claudia |last2=Carpenter}}{{cite news |title=Dana Gas begins production from Zora field |url=http://www.tradearabia.com/news/OGN_302026.html |accessdate=10 April 2019 |work=Trade Arabia |date=2 March 2016}} The field yielded {{convert|2700|and|1650|oilbbl}} of oil equivalent per day in 2016 and 2017, respectively.{{cite news |title=Dana Gas swings to profit in 2017 |url=https://gulfnews.com/business/energy/dana-gas-swings-to-profit-in-2017-1.2188465 |accessdate=10 April 2019 |work=Gulf News |date=15 March 2018}}

Sharjah-based Dana Gas is the largest non-government owned natural gas company in the Middle East, with assets in Egypt, Iraqi Kurdistan, and the UAE.{{cite news |title=Dana Gas receives $19m in payments from Egypt |url=https://gulfnews.com/business/energy/dana-gas-receives-19m-in-payments-from-egypt-1.63032121 |accessdate=1 April 2019 |work=Gulf News |date=31 March 2019}} The company is listed on the Abu Dhabi Securities Exchange.{{cite news |last1=Townsend |first1=Sarah |title=Dana Gas receives $19m from Egypt operations |url=https://www.thenational.ae/business/energy/dana-gas-receives-19m-from-egypt-operations-1.843409 |accessdate=1 April 2019 |work=The National |date=31 March 2019}} Dana Gas and its partner Crescent Petroleum each have a 35% stake in the Pearl Petroleum consortium.{{cite news |title=Dana Gas issues disclosure on incremental gas production in KRI |url=https://gulfnews.com/business/energy/dana-gas-issues-disclosure-on-incremental-gas-production-in-kri-1.62592318 |accessdate=2 April 2019 |work=Gulf News |date=11 March 2019}}{{cite news |last1=Townsend |first1=Sarah |title=Dana Gas says receives further Dh218m from Kurdistan gas activities |url=https://www.thenational.ae/business/energy/dana-gas-says-receives-further-dh218m-from-kurdistan-gas-activities-1.775741 |accessdate=2 April 2019 |work=The National |date=1 October 2018}} Crescent Petroleum is Dana Gas' largest founding shareholder,{{cite news |last1=John |first1=Issac |title=Dana Gas swings to $83M profit |url=https://www.khaleejtimes.com/business/energy/after-88m-loss-dana-gas-swings-to-83m-profit |accessdate=3 April 2019 |work=Khaleej Times |date=11 February 2018}} with a nearly 20% stake.{{cite news |title=UAE's Dana Gas upbeat over Egypt payments |url=https://www.arabianbusiness.com/uae-s-dana-gas-upbeat-over-egypt-payments-477695.html |accessdate=10 April 2019 |work=Arabian Business |agency=Reuters |date=28 October 2012}}{{cite news |title=Crescent raises its stake in Dana to over 20% |url=https://gulfnews.com/business/energy/crescent-raises-its-stake-in-dana-to-over-20-1.2277381 |accessdate=3 April 2019 |work=Gulf News |date=11 September 2018}}

Patrick Allman-Ward, who joined Dana Gas in 2012,{{cite news |title=Ex-Shell executive named CEO at UAE's Dana Gas |url=https://www.reuters.com/article/us-danagas-ceo-idUSBRE9680CL20130709 |accessdate=9 April 2019 |agency=Reuters |date=9 July 2013}} serves as the company's chief executive officer.{{cite news |last1=Debusmann Jr. |first1=Bernd |title=Dana Gas ends sukuk dispute, issues resized instrument |url=https://www.arabianbusiness.com/energy/402860-dana-gas-ends-sukuk-dispute-issues-resized-instrument |accessdate=1 April 2019 |work=Arabian Business |date=15 August 2018}} He was appointed in 2013, replacing Rashid Saif Al Jarwan, who was serving as interim CEO following Ahmed al-Arbeed's retirement. Hamid Dhia Jafar began serving as chairman of the board of directors in 2015; Al Jarwan was elected to serve as vice chair at the same time.{{cite news |title=Dana Gas elects new board |url=https://gulfnews.com/business/energy/dana-gas-elects-new-board-1.1502346 |accessdate=9 April 2019 |work=Gulf News |date=30 April 2015}} Chris Hearne serves as the current chief financial officer.{{cite news |title=UAE's Dana Gas says Hearne joined firm as CFO in January |url=https://af.reuters.com/article/energyOilNews/idAFD5N0ZO01U20160112 |accessdate=9 April 2019 |publisher=Reuters |date=11 January 2016}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}{{cite news |title=Dana Gas sukuk drop as concern rises over looming maturity |url=https://www.arabianbusiness.com/dana-gas-sukuk-drop-as-concern-rises-over-looming-maturity-664601.html |accessdate=9 April 2019 |work=Arabian Business |agency=Reuters |date=23 February 2017}} Samantha Phillips serves as the current technical director.[https://www.bloomberg.com/profile/person/21591439 bloomberg.com/appointment].

Dana Gas reported a net profit of $83 million (AED304 million) for 2017, and a net loss of $186 million (AED681 million) for 2018.{{cite news |last1=Gnana |first1=Jennifer |title=Dana Gas posts net loss of $186m for 2018 as impairment charges mount |url=https://www.thenational.ae/business/energy/dana-gas-posts-net-loss-of-186m-for-2018-as-impairment-charges-mount-1.825683 |accessdate=1 April 2019 |work=The National |date=14 February 2019}}{{cite news |title=UAE's Dana Gas posts $186 mln net loss for 2018 |url=https://www.reuters.com/article/danagas-results/uaes-dana-gas-posts-186-mln-net-loss-for-2018-idUSL5N2093WT |accessdate=1 April 2019 |agency=Reuters |date=14 February 2019}} Dana Gas' net loss of $186 million (AED681 million) for 2018 has been attributed to the impairments in relation to the Zora gas field and other assets in Egypt. The company reported earning gross revenues of USD $470 million (AED1.7 billion) for the fiscal year ending on December 31, 2018, a 4% increase over $450 million (AED1.6 billion) for 2017.{{cite web |title=Dana Gas PJSC and Subsidiaries: Consolidated Financial Statements: 31 December 2018 |url=http://www.danagas.com/en-us/Investors/Dana%20Gas%20PJSC%20-%20FY%202018%20Financial%20statements%20(English).pdf |publisher=Dana Gas |accessdate=23 July 2019}} In 2018, Dana Gas received $113 million from Pearl Petroleum,{{cite news |title=Dana Gas collects $324m from all its operations in 2018 |url=http://live.saudigazette.com.sa/article/551380/BUSINESS/Dana-Gas-collects-$324m-from-all-its-operations-in-2018 |accessdate=3 April 2019 |work=Saudi Gazette |date=31 December 2018}}{{cite news |title=Dana Gas receives $324m from 2018 operations |url=http://www.tradearabia.com/news/OGN_349263.html |accessdate=2 April 2019 |work=Trade Arabia |date=31 December 2018}} and reported a cash collection of $324 million (AED1.2 billion) for operations in Egypt, Iraqi Kurdistan, and Sharjah.

In 2012, Dana Gas became the first UAE company to not repay Islamic bonds on maturity, due to backlogged payments from Egypt and Iraqi Kurdistan.{{cite news |title=Exclusive: UAE's Dana Gas won't repay bond - sources |url=https://www.reuters.com/article/us-dana-sukuk/exclusive-uaes-dana-gas-wont-repay-bond-sources-idUSBRE89T10120121030 |accessdate=9 April 2019 |agency=Reuters |date=30 October 2012 |first1=Dinesh |last1=Nair |first2=Amran |last2=Abocar}} The company was owed more than US$500 million by customers,{{cite news |title=Dana Gas said to hire Blackstone to restructure US$1bn sukuk |url=https://www.arabianbusiness.com/dana-gas-said-hire-blackstone-restructure-us-1bn-sukuk-455162.html |accessdate=22 April 2019 |work=Arabian Business |date=24 April 2012}} as of mid 2012.{{cite news |last1=Halime |first1=Farah |title=Egypt Struggles to Pay Oil Bill |url=https://www.nytimes.com/2012/10/04/world/middleeast/egypt-struggles-to-pay-oil-bill.html |accessdate=10 April 2019 |work=The New York Times |date=3 October 2012}} Dana Gas' five-year, $1 billion sukuk matured on October 31; $920 million was outstanding after the company repurchased approximately $80 million of the sukuk in 2008.

In 2017, Dana Gas entered a legal dispute after stopping payments on $700 million in sukuk,{{cite news |title=Dana Gas Is Said to Miss Payment on $700 Million Sukuk Today |url=https://www.bloomberg.com/news/articles/2017-10-30/dana-gas-is-said-to-miss-payment-on-700-million-sukuk-tomorrow |website=Bloomberg.com |accessdate=3 April 2019 |date=30 October 2017 |first1=Matthew |last1=Martin |first2=Archana |last2=Narayanan |first3=Arif |last3=Sharif}} which the company said was no longer Shariah-compliant.{{cite news |title=Dana Gas distributes first dividend worth Dh348 million |url=https://www.khaleejtimes.com/business/local/dana-gas-distributes-first-dividend-worth-dh348-million |accessdate=1 April 2019 |work=Khaleej Times |date=2 September 2018}}Euromoney:

• {{cite news |last1=Holmey |first1=Olivier |title=Dana Gas puts Islamic finance to the test |url=https://www.euromoney.com/article/b13jm70v8rd9pf/dana-puts-islamic-finance-to-the-test |accessdate=1 April 2019 |work=Euromoney |date=21 June 2017}}
• {{cite news |last=Dudley |first=Dominic |url=https://www.euromoney.com/article/b1dbwnl8vg0wrv/middle-east-has-islamic-banking-set-a-new-standard |title=Middle East: Has Islamic banking set a new standard? |date=5 March 2019 |accessdate=2 April 2019 |work=Euromoney}} The decision had potential to set a new precedent within the Islamic finance industry.{{cite news |title=Islamic finance feels heat from $700 mln Dana sukuk saga |url=https://www.reuters.com/article/dana-gas-sukuk-implications/islamic-finance-feels-heat-from-700-mln-dana-sukuk-saga-idUSL5N1SM0BW |accessdate=8 April 2019 |agency=Reuters |date=15 May 2018 |first1=Andrew |last1=Torchia |first2=Bernardo |last2=Vizcaino}} The company initially offered to replace the sukuk with new securities producing a lower average current profit rate, then retracted the proposal in favor of adjudication following rejection by creditors.{{cite news |last1=Barbuscia |first1=Davide |title=Exclusive: Weeks of talks fail to resolve Dana Gas sukuk dispute - sources |url=https://www.reuters.com/article/us-dana-gas-sukuk-restructuring-exclusiv/exclusive-weeks-of-talks-fail-to-resolve-dana-gas-sukuk-dispute-sources-idUSKBN1F61YX |accessdate=3 April 2019 |agency=Reuters |date=17 January 2018}}{{cite news |last1=Barbuscia |first1=Davide |title=UAE's Dana Gas plans cash dividend despite $700 mln sukuk dispute |url=https://www.reuters.com/article/dana-gas-sukuk-dividends/uaes-dana-gas-plans-cash-dividend-despite-700-mln-sukuk-dispute-idUSL8N1R707W |accessdate=3 April 2019 |agency=Reuters |date=25 March 2018}} Dana Gas was set back by a series of rulings in the United Kingdom, and the British and UAE courts delivered conflicting rulings on the company's dividend payments.Reuters:
• {{cite news |title=Dana Gas swings to net profit in 2017 boosted by settlement with Kurdistan Regional Govt |url=https://www.reuters.com/article/dana-gas-results/dana-gas-swings-to-net-profit-in-2017-boosted-by-settlement-with-kurdistan-regional-govt-idUSL8N1Q104N |accessdate=3 April 2018 |date=10 February 2018| agency=Reuters}}
• {{cite news |title= English court refuses to hear Dana Gas's appeal in sukuk dispute |url=https://uk.reuters.com/article/us-dana-gas-sukuk-appeal/english-court-refuses-to-hear-dana-gass-appeal-in-sukuk-dispute-idUKKBN1H20WJ |date=26 March 2018 |accessdate=3 April 2019 |agency=Reuters}}
• {{cite news |title=UAE court says Dana Gas can distribute dividends, contradicts UK court |url=https://uk.reuters.com/article/uk-dana-gas-sukuk/uae-court-says-dana-gas-can-distribute-dividends-contradicts-uk-court-idUKKBN1HP0Y8 |accessdate=3 April 2019 |agency=Reuters |date=18 April 2018}}
• {{cite news |title=London judge orders Dana Gas to hold dividends in English bank account |url=https://www.reuters.com/article/dana-gas-sukuk-dividend/london-judge-orders-dana-gas-to-hold-dividends-in-english-bank-account-idUSL8N1S4614 |accessdate=3 April 2019 |agency=Reuters |date=27 April 2018}}{{cite news |last1=Saadi |first1=Dania |title=Dana Gas says Sharjah court issues anti-suit injunction against sukukholder BlackRock |url=https://www.thenational.ae/business/energy/dana-gas-says-sharjah-court-issues-anti-suit-injunction-against-sukukholder-blackrock-1.716184 |accessdate=3 April 2019 |work=The National |date=26 March 2018}}{{cite news |last1=Khan |first1=Sarmad |title=UAE court suspends UK injunction barring Dana Gas dividend distribution |url=https://www.thenational.ae/business/markets/uae-court-suspends-uk-injunction-barring-dana-gas-dividend-distribution-1.722815 |accessdate=3 April 2019 |work=The National |date=18 April 2018}} The sukuk matured in October, but remained unsettled.{{cite news |last1=Sharif |first1=Arif |title=Dana Reaches Deal With Main Holders of $700 Million Sukuk |url=https://www.bloomberg.com/news/articles/2018-05-10/dana-said-to-reach-deal-with-main-holders-of-700-million-sukuk |accessdate=2 April 2019 |work=Bloomberg.com |date=10 May 2018}}{{cite news |title=UAE's Dana Gas agrees with creditors on $700 mln sukuk restructuring |url=https://www.reuters.com/article/dana-gas-sukuk/uaes-dana-gas-agrees-with-creditors-on-700-mln-sukuk-restructuring-idUSL5N1SK07M |accessdate=2 April 2019 |agency=Reuters |date=13 May 2018}}{{cite news |title=Dana Gas agrees deal with shareholders of $700m sukuk |url=https://www.arabianbusiness.com/energy/399228-dana-gas-agrees-deal-with-shareholders-of-700m-sukuk |accessdate=2 April 2019 |work=Arabian Business |date=21 June 2018}}

In May 2018, Dana Gas and creditors represented by Deutsche Bank,Reuters:

• {{cite news |last1=Torchia |first1=Andrew |title=Update 1 – UAE's Dana Gas agrees $700 mln sukuk restructuring deal |url=https://www.reuters.com/article/dana-gas-sukuk/update-1-uaes-dana-gas-agrees-700-mln-sukuk-restructuring-deal-idUSL5N1SK090 |accessdate=2 April 2019 |agency=Reuters |date=13 May 2018}}
• {{cite news |title=Dana Gas gets wide support from creditors for sukuk restructuring |url=https://uk.reuters.com/article/uk-dana-gas-sukuk-restructuring/dana-gas-gets-wide-support-from-creditors-for-sukuk-restructuring-idUKKCN1J10TW |accessdate=2 April 2019 |agency=Reuters |date=5 June 2018 |first=Davide |last=Barbuscia}} including BlackRock and Goldman Sachs,{{cite news |last1=Smith |first1=Robert |title=Dana Gas strikes restructuring deal to end sukuk dispute |url=https://www.ft.com/content/83ace1c2-56a4-11e8-b8b2-d6ceb45fa9d0 |accessdate=2 April 2019 |work=Financial Times |date=13 May 2018}} agreed to issue new sukuk valued at $530 million. A majority of sukuk holders voted in favor of the agreement in June.{{cite news |last1=Townsend |first1=Sarah |title=Dana Gas says sukuk holders approve restructuring to end legal dispute |url=https://www.thenational.ae/business/energy/dana-gas-says-sukuk-holders-approve-restructuring-to-end-legal-dispute-1.737089 |accessdate=2 April 2019 |work=The National |date=5 June 2018}} Dana Gas completed the issuance, which was listed on Euronext Dublin, in August.{{cite news |title=Dana Gas wins over creditors for sukuk restructuring plans |url=http://www.arabnews.com/node/1316431/business-economy |accessdate=1 April 2019 |work=Arab News |date=5 June 2018 |first=Rebecca |last=Spong}}{{cite news |last1=Gnana |first1=Jennifer |title=Dana Gas issues new sukuk, drawing earlier dispute to a close |url=https://www.thenational.ae/business/energy/dana-gas-issues-new-sukuk-drawing-earlier-dispute-to-a-close-1.759802 |accessdate=2 April 2019 |work=The National |date=14 August 2018}} The company completed its sukuk buyback program in 2019.{{cite news |last1=Khan |first1=Sarmad |title=Dana Gas buys back $133m of sukuk as part of restructuring agreement |url=https://www.thenational.ae/business/energy/dana-gas-buys-back-133m-of-sukuk-as-part-of-restructuring-agreement-1.837809 |accessdate=2 April 2019 |work=The National |date=17 March 2019}}{{cite news |title=Dana Gas repurchases $133m Sukuk |url=https://pakobserver.net/2019/03/22/dana-gas-repurchases-133m-sukuk/ |accessdate=2 April 2019 |work=Pakistan Observer |date=22 March 2019 |archive-date=23 March 2019 |archive-url=https://web.archive.org/web/20190323135659/https://pakobserver.net/2019/03/22/dana-gas-repurchases-133m-sukuk/ |url-status=dead }} The sukuk has a three-year life and will mature in October 2020.

{{reflist}}

• {{Official website|http://www.danagas.com}}

Category:Oil and gas companies of the United Arab Emirates

Category:Companies based in the Emirate of Sharjah

Category:Energy companies established in 2005

Category:Non-renewable resource companies established in 2005

Category:Companies listed on the Abu Dhabi Securities Exchange

Category:Emirati companies established in 2005