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News / Kurdistan

Investment in the 9th cabinet

Draw Media The Kurdistan Regional Government’s 9th cabinet has licensed 178 investment projects with a capital of more than 11 billion dollars, on an area of more than 10,000 dunams of land. (118) of the projects located into the KDP’s zone, with a capital of more than (9 billion) dollars, which is (83%) of all the projects, on (7.5 thousand) dunams of land. However, only 60 out of 178 investment projects located into the PUK zone, with less than $2 billion, which is only 16% of the capital of all the investment project within KRG, on an area of 3,000 dunams. First, investment in both zones - yellow (KDP) and green (PUK) According to the data of the Investment Board of the Kurdistan Regional Government in the ninth cabinet, which has released between (July 28, 2019 to April 5, 2022). It has licensed 178 investment projects with a capital of 11 billion 137 million 300 thousand 24 dollars, on an area of 10 thousand 393 dunams of land. Based on Draw Media analysis, 118 of the projects licensed by the Investment Board are located in Erbil and Duhok provinces. The amount of (9 billion 335 million 916 thousand 730) dollars has been spent for those projects at a rate of (83.83%) of the whole KRG investment projects, on an area of (7 thousand 479) dunams of land. In the same period of time, only (60) projects out of (178) investment projects are located in Suleimani, Halabja, Garmian and Raperin provinces. The amount of (1 billion 801 million 383 thousand 294) dollars has been spent at a rate of (16.17%), on an area of (2 thousand 914) dunams of land. Second, investment at the provincial and city levels 1. Erbil Province; (76) projects with a capital of more than (8.7 billion) dollars an average of (78.7%), on an area of (4.7 thousand) dunams of land. 2. Halabja Province; (1) Project with a capital of more than (6.8 million) dollars, an average of (0.06%), on an area of (7.2) dunams of land. 3. Garmian Administration; (9) Projects with a capital of more than (331.5 million) dollars, an average of (3%), on an area of (935) dunams of land. 4. Raperin Administration; (4) Projects with a capital of (123.3 million) dollars, an average of (1.11%), on an area of (117.5) dunams of land. 5. Sulaimani Province; (46) projects with a capital of more than (1.33 billion) dollars, an average of (12%), on an area of (1,854) acres of land. 6. Duhok Province; (42) projects with a capital of about (569 million) dollars, an average of (5.11%), on an area of (2 thousand 718) acres of land. Third, investment by different sectors 1. Commercial sector; (41) projects with a capital of (573 million) dollars, an average of (5.14%), on an area of more than (537) dunams of land. 2. Banking sector; (1) Project with a capital of more than (315) dollars, an average of (0.14%), on an area of less than (1) dunams of land. 3. Health sector; (11) projects with a capital of (89.5 million) dollars at a rate of (0.80%), on an area of (14.6) dunams of land. 4. Industrial sector; (49) projects with a capital of (1.620 billion) dollars at a rate of (14.55%), on an area of (1,190) dunams of land. 5. Service sector; (2) Project with a capital of (57.8 million) dollars at a rate of (0.52%), on an area of (968) dunams of land. 6. Tourism sector; (29) projects with a capital greater than (7 billion) dollars at (64%), on an area of (2 thousand 856) dunams of land. 7. Education sector; (18) projects with a capital of about (220) million dollars, an average of (2%), on an area of (533) dunams of land. 8. Agricultural sector; (8) Projects with a capital of (363.48 million) dollars, an average of (3.26%), on an area of (3 thousand) dunams of land.9. Housing Sector; (11) projects with a capital of more than (1 billion) dollars, an average of (9%), on an area of (1,256) acres of land. 10. Arts Sector; (1) Project with a capital of (9 million 234 thousand) dollars, an average of (0.08), on an area of (10) dunams of land. 11. Sports Sector; (7) Projects with a capital of about (58 million) dollars, an average of (0.52%), on an area of (25) dunams of land. Fourth: investment capital in the ninth cabinet of the Kurdistan Regional Government Out of the 178 projects, 174 projects are being implemented by domestic investors with a capital of $6 billion and 193 million, which is 55.6% of the total investment capital since the ninth cabinet took office. However, only one Chinese company has received an investment license with a capital of $5 billion, an average of 44 percent of the total investment capital. (3) projects have been licensed jointly by Iraqi, Chinese, Turkish, Egyptian and Canadian companies with a capital of about (37 million 384 thousand) dollars, which is (0.34%) of the total investment capital. Fifth: Investment based on the Years 1. With the inauguration of the ninth cabinet from (28/7/2019) to (1/1/2020), licenses have been given to (16) projects with a capital of more than (485 million) dollars. 2. (1/1/2020 to 1/1/2021), licenses have been given to (77) projects with a capital of more than (2 billion and 18 million) dollars. 3. (1/1/2021 to 1/1/2022), licenses have been given to (69) projects with a capital of more than (8 billion 509 million) dollars. 4. (1/1/2022 to 5/4/2022), licenses have been given to (16) projects

Gas price between two cabinets

Draw Media In the Kurdistan region there are three gas quality types (Super, Muhassan-Midgrade, Normal) The gas price increased significantly since 2018 in the KRG. The Super quality increased by (74%), Muhassan-Midgrade by (82%) and Normal by (77%). 🔻Gas prices on June 11, 2018 during the 8th cabinet: 🔹Super: 775 IQD 🔹 Muhassan-Midgrade: 700 IQD 🔹Normal: 650 IQD 🔻Gas prices on June 11, 2022 during the 9th cabinet: 🔹Super: 1350 IQD 🔹 Muhassan-Midgrade: 1275 IQD 🔹Normal: 1150 IQD 🔻Increase in gas prices in the 9th cabinet: 🔹Super: from (775 to 1350)IQD which is increased 575 IQD by (74%) 🔹 Muhassan-Midgrade: from (700 to 1275)IQD which is increased 575 IQD by (82%) 🔹Normal: from (650 to 1150)IQD which is increased 500 IQD by (77%) That means, in the past 4 years the gas price increased significantly in the Kurdistan region of Iraq. The Super quality increased by (74%), Muhassan-Midgrade by (82%) and Normal by (77%).

KRG: Oil and Gas Do Not Fall Under the Purview of the Federal Court

Draw Media Kurdistan’s judicial council said in a statement that the region's oil law would remain in force and will not change. :Statement from the Judicial Council of the Kurdistan Region of Iraq The Kurdistan Regional Government's tenure on the issue of oil and gas exploration on its territory is in accordance with the 2005 Iraqi Constitution. The provisions of Law No. 22, 2007, issued by the Kurdistan Regional Parliament, do not violate the Iraqi Constitution and therefore should be recognized as standing laws. The oil and gas sector do not fall under the exclusive purview of the Federal Government of Iraq as stated in Article 110 of the Iraqi Constitution, underpinned by Article 112 of the Iraqi Constitution which states the Federal Government is to manage oil and gas exploration of discovered fields, in conjunction with regional governments and oil-producing provinces. Of that, revenues are supposed to be distributed equally among the population of Iraq. Article 112 refers to existing oil wells and fields prior to the ratification of the Constitution in 2005. As such, oil fields discovered in the Kurdistan Region since 2005 fall under the jurisdiction of the Kurdistan Region and the Kurdistan Regional Government. Accordingly, the texts of the Kurdistan Regional Government’s Oil and Gas Law No. 22, 2007, remain in line with the provisions of the Iraqi Constitution. Past regimes have made regions unduly suffer and deprived them of their fair share of the revenue from oil and gas exploration in Iraq, limiting their progress and opportunities to prosper. The allocation of national oil and gas revenues should be regulated by law to prevent this from happening again.

KRG revenue in May was 1.2 trillion dinars

Draw Media The total revenue of the Kurdistan Regional Government (KRG) in May was 1 trillion 213 billion dinars. Last May, the Kurdistan Region sold 12 million 730 thousand barrels of oil at $100 per barrel, earning 1 trillion 859 billion dinars. Only 818 billion dinars of that amount went for the government treasury. Non-oil revenues • Non-oil revenues for May = (164 billion) dinars (which will be spent on salaries, otherwise according to information, the amount is almost double) • Coalition financial aid to the Peshmerga forces = (31 billion 500 million) dinars • Kurdistan Region's share of the Iraqi budget = (200 billion) dinars Oil revenues (pipeline exports) • In May 2022, the Kurdistan Region exported 12 million 730 thousand barrels of oil through the Turkish Port of Jayhan • The average price of Brent oil for May is ($112.73). • Because the region sells its oil at $12 less, it sells oil at an average of $100.73 So: (12 million 730 thousand) barrels X (100.73) dollars = (1 billion 282 million 292 thousand 900) dollars. In dinars, it is: (1 billion 282 million 292 thousand 900) dollars X (1450) dinars = (1 trillion 859 billion 324 million 705 thousand) dinars. • According to the latest Deloitte report, 56% of oil revenues are spent on expenditures and 44% remains with the Ministry of Natural Resources. - So: (1 trillion 859 billion 324 million 705 thousand) dollars X (56%) = (718 million 84 thousand 24) dollars go to the cost of oil production process. In dinars, it is: (718 million 84 thousand 24) dollars X ((1450 dinars = (1 trillion 41 billion 221 million 834 thousand 800) dinars oil expenditure. - (1 trillion 859 billion 324 million 705 thousand) dollars X (44%) = (564 million 208 thousand 876) dollars of revenue remain for government. Oil revenue in dinars is: (564 million 208 thousand 876) dollars X (1450) dinars = (818 billion 102 million 870 thousand 200) dinars. Total Revenue in May 2022 (in Dinar) • (818 billion 102 million 870 thousand 200) oil revenue + (200 billion) share of the Iraqi budget + (164 billion) local income + (31 billion 500 million) from allies = (1 trillion 213 billion million 870 thousand 200) dinars.

300 Kurdish, Albanian and Bangladeshi refugees will be deported

Draw Media, Daily Mail Ministers are planning a mass deportation next week of foreign criminals and migrants who are in the UK illegally. The carefully choreographed operation, involving up to 300 foreign nationals, is believed to be the biggest deportation exercise ever attempted on one day. Charter flights booked by the Home Office are bound for Iraqi Kurdistan, Albania and Bangladesh on Tuesday. Those being deported are being held at immigration removal centers including Colnbrook, near Heathrow Airport, as they await the flights. They have been rounded up from all over Britain by immigration enforcement officers and detained over the past month. Each received a Home Office letter last weekend while in detention, giving details of their flight. The deportations will include the first ‘returns’ flight to the turbulent area of Iraqi Kurdistan in a decade, immigration lawyers say. It comes after the Nationality and Borders Bill became law last month, allowing easier removal of those living in the UK illegally because they are visa overstayers, failed asylum seekers or criminals sentenced to more than a year in prison. Earlier this month, killers, rapists and paedophiles were among those who dodged deportation to Jamaica with a series of last-minute legal challenges – and just seven boarded the plane. Last night, the Home Office said: ‘We make no apology for removing foreign criminals and those with no right to be in the UK. This is what the public rightly expects.’ It comes after the Government made a separate deal to send certain asylum seekers to Rwanda. While the department refused to comment on the details of Tuesday’s flights, the Daily Mail understands the deportees include Iraqi-Kurds, Albanians and Bangladeshi nationals. They will be flown, respectively, to their country’s capital cities: Erbil in Iraq’s autonomous Kurdistan region, Tirana and Dhaka. The New Arab, a media outlet based in London, reported that Iraqi-Kurd politician Arian Taugozi said the operation followed a ‘secret deal’ between the Kurdistan Regional Government (KRG) and the Home Office. The ministry said a visit by the KRG’s prime minister Masrour Barzani last month was to ‘strengthen joint efforts to address migration challenges.

KRG oil in the control of two women

Draw Media When he first received the position, Kamal Atroshi threatened to tear to pieces those who are corrupt, but in the end, He knelt before two women close to the Barzani family. Kamal Atroshi, the man who said, “I will distribute oil to all the villages myself.” But during his service, the people died in cold. He talked about solving the gasoline problem and gasoline prices reached the highest level during his time. Did Kamal Atroshi resign due to illness or did he resign because he got disappointed? More details in this report. Is he sick or disappointed? A statement issued by the office of Prime Minister Masrour Barzani attributed the resignation of Kamal Atroshi to the health condition of the minister, but according to (Draw) information, the reason for the resignation is related to the interference in the affairs of his ministry. In particular, the influence of Dr. Ranya Majid, Masrour Barzani's assistant for economic affairs, in the affairs of the Ministry of Natural Resources. (Draw) has learned, that another part of Kamal Atroshi's concerns and his resignation from the Ministry of Natural Resources is related to the unlimited interference of another woman named Dr. Ghazala, the Director-General of Contracts and Companies in the Ministry of Natural Resources. When Atroshi took over as the minister of natural resources, his first promise was to change the structure of the ministry, as he said, “he wants to create an international structure for his ministry.” In late 2021, Kamal Atroshi left the ministry for a while, when there were rumors of his resignation, but later denied it, saying he had gone abroad for medical treatment. KRG oil in the control of two women Before and after the resignation of Kamal Atroshi, the KRG oil dossier is controlled by two women, all of whom are close to the Barzani family. Omid Sabah, the Cabinet Office Chief, who is Masrour Barzani's shadow in the government, is responsible for bringing back the KRG oil revenue from Citibank in the USA to the Egyptian bank in Dubai. After bringing BACK the money to Kurdistan, the oil revenue goes to RT Bank, the director of this bank is a woman named Hamela Abdulstar Gardi. Then she transfers the oil revenue to the Minara Bank for salary expenses. (Hamela Gardi),(Dr. Ghazala), as three women close to the Barzani family, dominate the oil dossier and revenues of the Kurdistan Region and no oil minister can encroach on the power of these three women in Masrour Barzani’s cabinet.

Plasschaert gathers the Kurdish leaders

Draw The head of the United Nations Assistance Mission for Iraq, Jeanine Hennis-Plasschaert will meet with Kurdish leaders at the UN headquarters in Erbil next week, a senior source told Draw Media

KRG Oil revenues have increased by 42%

Draw Media The total oil revenue of the Kurdistan Region in the first quarter of 2022 increased by 42% compared to the first quarter of 2021. In a way that the revenue rose from $2.536 billion to $4.341 billion. And in the first quarter of 2022 compared to the first quarter of 2021 the net revenue returned to the KRG after deducting expenditures increased by 42% from $1.142 billion to $1.970 billion. First, the revenue and amount of oil exported from December 1 to April 1 According to Deloitte, the Kurdistan Regional Government (KRG) sold 50 million 644 thousand and 230 barrels of oil through the Turkish port of Jayhan in the first quarter of 2021. According to the data the average crude oil price in that period was 50$ per barrel. That means, the total revenue from oil sales through pipeline was (2 billion 536 million 358 thousand 78) dollars, but an average of (54.6%) of this revenue have spent to the cost of the process which was (1 billion 394 million, 149 thousand and 925 dollars. According to this, the net oil revenue of the Kurdistan Regional Government was 1 billion 142 million 208 thousand 154 dollars by 45.4% of the total income. Second: The revenue and amount of oil exported from December 11 to April 1, According to the statistics available to Draw Media, the Kurdistan Regional Government (KRG) in the first four months of 2022 sold 49 million 56 thousand barrels of oil through the Turkish Port and the average crude oil price in that period was 88$ per barrel. The total revenue from oil sales through pipeline was $4 billion, 341 million, 348 thousand and 280 dollars. According to Deloitte's 2021 data, an average of 54.6 percent of revenue went to oil process expenditures. If we take the same amount of expenditure for the months of 2022, the amount of expenditure is (2 billion 370 million 376 thousand 161) dollars, thus (45.4%) of the total oil revenue, handed over to the Kurdistan Regional Government Kurdistan, which is (1 billion 970 million 972 thousand 119) dollars. Third, compare oil revenues for the first four months of 2021 to 2022 The Kurdistan Regional Government (KRG) sold oil worth $2 billion 536 million 358 thousand 78 in the first four months of 2021. However, in the first four months of 2022, the amount of revenue increased by 42%, so that the total value of oil sold was (4 billion 341 million 348 thousand 280) dollars. This means that the revenue from oil exports increased by (1 billion 804 million 990 thousand 202) dollars. Revenue received by the Kurdistan Regional Government The Kurdistan Regional Government (KRG) has received $1 billion 142 million 208 thousand 154 from oil sales in the first four months of 2021. However, in the first four months of 2022, the amount of revenue increased by (42%), so that the net oil revenue received by the Kurdistan Regional Government was (1 billion 970 million 972 thousand 119) dollars. This means that the net oil revenue received by the Kurdistan Regional Government has increased (828 million 763 thousand 965) dollars.

Iraq bids to control Kurdistan oil revenue with contract switch

Draw: Reuters By Rowena Edwards and Amina Ismail Iraq has made a fresh attempt to control revenue from the semi-autonomous region of Kurdistan by asking oil and gas firms operating there to sign new contracts with state-owned marketer SOMO rather than the Kurdistan Regional Government (KRG). Oil minister Ihsan Ismael on May 7 said Iraq's oil ministry would start implementing a February federal court ruling that deemed the legal foundations of the Kurdistan region's oil and gas sector unconstitutional. read more A letter seen by Reuters shows that the oil ministry appointed international law firm Cleary Gottlieb Steen and Hamilton to approach some oil and gas firms operating in the Kurdistan region to "initiate discussions to bring their operations into line with applicable Iraqi law." Implementing the court decision "will require changes to the contractual regime" for the companies, the letter added. Other firms received a letter directly from the oil minister, one source said. The KRG has repeatedly rejected the federal court ruling. The letters, which were sent on May 8, mark the first direct contact between the ministry and oil firms operating in the Kurdistan region. The move follows years of attempts by the federal government to bring KRG revenues under its control, including local court rulings and threats of international arbitration. The implications of the latest move are not fully clear as more than seven months since elections in Iraq, the formation of a government is still underway. An Iraqi oil ministry legal adviser, who spoke on condition of anonymity, told Reuters that a joint government committee, including representatives from the oil ministry including the minister, Iraq’s National Oil Company (Inoc) as well as the Federal Board of Supreme Audit (FBSA), will conduct a contractual review. The aim is to eventually sign contracts with the central government and not the KRG, the adviser added. Foreign oil firms present in the Kurdistan region including Genel Energy (GENL.L) , Chevron and Gulf Keystone (GKP.L) , and Cleary Gottlieb declined to comment, while Iraq’s oil ministry and oil and gas firm DNO did not immediately respond to requests for comment. The oil ministry has yet to receive responses from the companies concerned and could take further legal measures in the case of no response, one oil ministry official said, without elaborating. Foreign oil firms are unlikely to engage with Baghdad directly without coordination with the KRG, one oil firm representative told Reuters. TENSIONS FLARE UP Baghdad’s persistent attempts to implement the ruling has the capacity to worsen already fraught tensions with Erbil. Iraq’s state-owned North Oil (NOC) claimed on Saturday that KRG forces took control of some oil wells in the disputed region of Kirkuk but the KRG denied the allegation, claiming it was designed to create chaos. read more On May 12, Inoc published an analysis detailing how the KRG’s production-sharing contracts are financially worse for both the government and foreign oil firms than federal Iraq’s own technical service contracts. Meanwhile, Iraq has struggled to attract major fresh investments into its federal energy industry since signing a flurry of post U.S.-invasion deals over a decade ago. read more The Iraqi government has cut oil output targets repeatedly as international oil companies that signed those initial deals leave due to poor returns. Ismael on Monday said Iraq now plans to boost its crude production capacity from around 5 million barrels per day (bpd) to 6 million bpd of crude capacity by the end of 2027, a sharp downward revision from a previous target of 8 mln bpd by that year.

Masoud Barzani paid a secret visit to Iran

The head of the Kurdistan Democratic Party, Masoud Barzani, has been in Iran in the past two days and yesterday evening returned back to Kurdistan. A source from the KDP’s Political Bureau confirmed the information for Draw Media and said that Masoud Barzani had visited Iran for two days and returned to the Kurdistan Region today. Barzani's visit was to pave the way for his expected initiative, which is decided to be announced in next a few days. The Initiative focuses on solving the political deadlock in Iraq and the Kurdistan Region.

KDP stops media attacks on PUK

Draw Media The Kurdistan Democratic Party (KDP) has suspended its media attacks on the PUK and its characters on Masoud Barzani's command, and that is the beginning of preparations for Barzani's initiative to pull Iraq out of political deadlock, with the agreement of the Iranians. On demand of KDP’s Cultural and Media Agency, which determines the direction of the work of the KDP media and social media, called the party’s media to stop their attack on the Patriotic Union of Kurdistan (PUK) "in consideration of the current situation in the Kurdistan region, all media attacks on the PUK and its leaders should be stopped." KDP’s Cultural and Media Agency asked the party’s media in a letter. The KDP's decision to stop the media war coincides with approaching an announcement of a new political initiative by Masoud Barzani and the KDP’s meeting with the PUK. According to Draw information, Barzani wants to open the knot of the Iraqi political deadlock from the Kurdistan Region and reach an agreement with the PUK on the post of the President. By giving up the presidency post for the PUK, Barzani wants to take the PUK out of the Coordination frame work coalition and turn the PUK to partner with (Sadr + Barzani + Halbulsi) coalition. In this way, the quorum of the parliamentary session for the presidential election will be completed, and after the election of the president, the process of forming a government by a tripartite coalition should begin. To convince the PUK, Barzani must also convince the Iranians on this initiative, since the Coordination Framework (Maliki, Amiri, Khazali, Faleh Fayyaz, Abadi, Hakim) are supported by Iran and the PUK is part of this project, so leaving this coalition without Tehran's consent will be a big risk for the Kurdish authorities.

journalists' discussion

On Monday, several editors-in-chief and journalists in the Kurdistan region held an open discussion at Draw Media headquarters regarding the challenges facing the media outlets in the Kurdistan region. During the discussion, the attendees focused on the current situation and the working conditions of the media in the Kurdistan region, especially the issue of cyber-attacks on digital media and social media pages. Another topic was discussing how to create cooperation among the media institutions. As a result of the discussion, the participants generally agreed that: 1. Trying to create media cooperation in the Kurdistan region and abroad among media organizations. 2. Support and togetherness for confronting the pressures that are being put on media and journalists. 3. Trying to resolve electronic pressures through Facebook and related agencies. 4. Informing consuls, international envoys, representatives of the United Nations, and international organizations about the media situation and the pressure on the media organizations. 1. Standard Foundation – Erbil 2. Bwar News – Erbil 3. Voice Radio - Garmian 4. Shar press 5. Diplomatic 6. Hawlati 7. Paragraph 8. Draw Media 9. Metro Center 10. head of the Kurdistan Journalists Syndicate - Sulaimani branch. 11. Kamal Chomani 12. Farman Rashad 13. Dilshad Anwar 14- Karokh Rasul, technical expert on social media

Kurdish forces seize some oil wells from Iraqi control

Forces from the regional Kurdish government have taken control of some oil wells in northern Kirkuk, Iraq's state-run North Oil Company said in a statement on Saturday. It said the forces arrived with a technical team from the Kurdish region and took over some of the oil wells in the Bai Hassan oilfield, which is controlled by the North Oil Company. The statement did not say when the forces arrived and whether they were still there. Iraqi forces took back control of Kirkuk oilfields from the Kurds in 2017 following a referendum on Kurdish independence. Baghdad responded to the plebiscite, in which Kurds overwhelmingly voted for independence, by dislodging Kurdish Peshmerga fighters from territories claimed by both Baghdad and the Kurds, including the oil city of Kirkuk. Kirkuk’s oilfields had been under Kurdish control since 2014, when the Iraqi army collapsed in the face of Islamic State. The Kurdish move prevented the militants from seizing the region’s oilfields.

Oil fields in Duhok province and their production capacity

Draw Media Out of (57) oil and gas blocks, (18) oil blocks are located in Duhok province, where (22) companies from (9) foreign countries are exploring and drilling for gas and oil. Although according to the information (65%) of the oil reserves in Sulaimani province and only one block has reached the production stage, in Duhok province in (6) blocks companies have reached the production stage, all the six blocks produce more than (50%) of the region's oil production. According to the data for 2020 compared to 2022, in the Duhok fields, the three fields (Fishkhabur, Sarsang, and Sheikhan) increased daily oil production, and in two fields (Tawke and Atrush), oil production decreased. First; Oil blocks in Duhok province Out of the 57 mineral blocks (oil and gas), 18 oil blocks are located in Duhok province, three of which are in Mosul province (Ain Safni, Bashik, Jabal Kand). These blocks are under the control of the Kurdistan Regional Government. In 17 of those Blocks, (22) foreign companies are exploring and drilling for gas and oil. the companies are from (9) different countries (USA, Canada, Turkey, Norway, Britain, Ireland, Hungary, Austria, and UAE). Each company's share will fluctuate depending on the contracts. Second; Producing oil blocks in the Duhok province According to the information, 10 oil blocks are in the production process in the Kurdistan Region. Six of these blocks are located in Duhok province, producing more than 50% of the total oil production in the Kurdistan Region. According to statistics, the Kurdistan Regional Government produces 400,000 to 450,000 barrels of oil per day, and (220-250 thousand) barrels of oil are produced in the fields of Duhok province. Third: The growth and decline of oil fields in Duhok province According to the data for 2020 compared to 2022, in the 6 fields of Duhok, three fields (Fishkhabur, Sarsang, and Sheikhan) increased daily oil production, and in two fields (Tawke and Atrush), oil production decreased, and no information is available about the production of the Ain Safni block.

Dana Gas doubles net profit in 2022

Draw Media, Dana Gas Dana Gas PJSC (the “Company”), the Middle East’s largest regional private sector natural gas company, today announced its financial results for the first quarter ended 31 March 2022. Net Profit was up 125% in Q1 2022, reaching AED 198 million ($54mm) or 2.8 fils per share as compared to AED 88 million ($24mm) or 1.26 fils per share in Q1 2021, reflecting strong business performance. Revenue was AED 513 million ($140mm), 32% higher compared to AED 389 million ($106mm) in Q1 2021. The increase in revenue and profit was the result of higher hydrocarbon prices and the Company’s successful efforts to manage costs. The Company’s EBITDA increased 62% in Q1 2022 at AED 297 million ($81mm). The Company’s realized prices during the period averaged $82/bbl for condensate and $43/boe for LPG compared to $44/bbl and $33/boe respectively in Q1 2021. “Building on the positive momentum from 2021, Dana Gas has delivered one of its best quarterly results, supported by high energy prices, continued high KRI operational performance and our low-cost base. This has allowed the Board of Directors to recommend a 4.5 fils dividend payment to shareholders. Looking ahead, good progress continues to be made on the $600 million KM250 gas expansion project. The next phase of development is expected to contribute an additional 25% to our total production capacity by Q2 2023 and will positively impact our top and bottom lines and support future dividend payments. The outlook for the remainder of 2022 is particularly encouraging, as energy prices and demand remain strong due to the prevalent global economic challenges.” Operations & Production The Group’s overall production fell slightly to 62,400 boepd in Q1 2022 versus 64,900 boepd in Q1 2021. Production output in the KRI remained similar year-on-year, with production averaging 35,400 boepd in Q1 2022 versus 35,300 in Q1 2021. Egypt production declined 7% to 27,000 boepd as a result of natural field depletion. Furthermore, the KM250 expansion plans are progressing well. The KM expansion project is on track to deliver first gas in Q2 2023. Liquidity and Collections The Group’s cash and bank balance at end of Q1 stood at AED 766 million ($209mm) including AED 260 million ($71mm) held at the Pearl level, an increase of 13% compared to AED 678 million ($185mm) at the end of 2021. At the Company’s General Assembly held on 21 April 2022, the shareholders approved a cash dividend of 4.5 fils per share for the second half of 2021, to be distributed on the 19th of May. This brings the total dividend for the year ended 31 December 2021 to 8 fils per share. The Group collected a total of AED 253 million ($69mm) during the quarter compared to AED 213 million ($58mm) in Q1 2021, with Egypt and KRI contributing AED 62 million ($17mm) and AED 191 million ($52mm) respectively. The Company’s receivables in KRI stands at AED 216 million ($59mm) versus AED 176 million ($48mm) in Q1 2022 and a significant improvement in Egypt at AED 114 million ($31mm) at the end of quarter, compared to AED 480 million ($131mm) in Q1 2021. CEO succession plan The Dana Gas Board also announces the commencement of a succession planning process for the CEO to include a search for the candidate to succeed Dr. Patrick-Allman Ward who will have successfully completed 10 years of remarkable service leading the Company’s management. The Board of Directors has agreed that Dr. Allman-Ward will assist with the executive search process for his successor, which is expected to take the rest of the year 2022. Dr. Allman-Ward will thereafter continue to support the Company as Senior Advisor to the Board of Directors. “Since Patrick was appointed CEO by the Board in September 2013, Dana Gas has been transformed from a company with $1 billion in overdue receivables and $1 billion in debt to a company that has totally redeemed its Sukuk entirely, has negligible receivables, and that has been delivering consistent dividends to its shareholders at levels which are among the highest of its global peer group and currently the highest on the ADX. In this period the Company’s share price has risen from AED 0.6 per share to reach AED 1.15 per share. On behalf of the Board, I express my deepest gratitude for Patrick’s decade of loyal service. We obviously welcome Patrick’s assistance with the search for his successor, as well as his willingness to continue to serve the Company as a Senior Adviser to the Board. A successor CEO will be recruited to take over the executive helm of Dana Gas with the requisite qualifications and skill sets to drive the Company forward and implement its next phase of development and growth.” “Serving as the CEO of Dana Gas has been both a pleasure and a privilege and has been the most exciting and challenging period of my life. Witnessing the transformation of the Company has been a hugely satisfying achievement. 2021 has been the Company’s best year since its establishment in 2005, with record collections, profits and dividends. At the beginning of my tenure all the Company’s free cash flow was absorbed by debt repayment, but now it flows to its shareholders in growing dividends. I look forward to continuing to work with the Board pending the appointment of my successor, and thereafter as Senior Adviser to the Board.” About Dana Gas Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 62,600 boepd in 2021. With sizeable assets in KRI and Egypt, and further plans for expansion.