Rising oil price improves payments and output Iran sanctions drives oil price higher LONDON: The Kurdistan region of Iraq is set to attract increased investment from international oil and gas companies as the improving price of crude boosts sentiment. Abu Dhabi-listed Dana Gas said it would raise gas production after Pearl Petroleum, in which it has a 35 percent stake, received its latest payment from the Kurdistan Regional Government. Britain’s Gulf Keystone Petroleum also said it was resuming spending on the Shaikan oilfield in the region as it reported record profit for the first half. The price of oil has been rising steadily as the US reintroduces sanctions against Iran, a major global crude suppliers. Crude prices have tripled since the 2016 trough of the market. The prospect of a stronger price is encouraging oil and gas companies to revive spending in the sector. “The resurgence in oil prices also played a role in the global investment community becoming increasingly positive on the prospects for the oil and gas sector,” Keystone said in a statement. Dana Gas has been beset by payment problems in Kurdistan but has been encouraged to look at expanding operations after receiving its latest payments through Pearl Petroleum. Dana said yesterday that Pearl Petroleum had received $21.6 million from the Kurdistan Regional Government in September — taking total collections to $211 million — or $74 million for Dana’s share of the proceeds. It means that all payments are now up to date. “The continued arrival of these payments on time provides both us and our partners with the confidence to push forward aggressively with our expansion plans,” said Dana Gas CEO Patrick Allman-Ward. Gulf Keystone also said that it had continued to receive regular payments since Sept. 1, 2015. Oil prices gained on Monday as US drilling slowed and the market remained watchful of the impact of Iranian sanctions on global crude supplies. Brent crude oil jumped more than a dollar or 1.4 percent, to a high of $77.92, before paring gains to about $77.60 by early afternoon in London