Dana Gas reports record net profit
ERBIL, Kurdistan Region - Dana Gas on Sunday reported record profits for the first nine months of the year, driven by higher oil prices and increased payments from the Kurdistan Regional Government (KRG).
The UAE-based Dana Gas reported a “record net profit of $279 million,” compared to a loss of $379 million over the same period the year before from its operations in the Kurdistan Region and Egypt. It attributed the increase to higher oil prices, improved production, and repayment of debts from the KRG.
“The steps the Company has taken to increase production and reduce its cost structure and the progress it has made in increasing collections has well positioned Dana Gas to benefit from rising energy prices and create shareholder value,” said CEO Patrick Allman-Ward.
In the Kurdistan Region, production grew by seven percent to 34,000 barrels per day.
In September, Dana Gas and Crescent Petroleum signed a financial agreement with the United States to expand production at the Khor Mor natural gas field, expected to be operational by April 2023.
This year, the KRG has cleared its debts from 2019 and 2020 with Dana Gas in full.
The UAE-based company, linked to Crescent Petroleum, has been operating in the Kurdistan Region since the KRG began producing oil and gas independently of Baghdad in 2007, and selling independently in 2013.
The UAE-based Dana Gas reported a “record net profit of $279 million,” compared to a loss of $379 million over the same period the year before from its operations in the Kurdistan Region and Egypt. It attributed the increase to higher oil prices, improved production, and repayment of debts from the KRG.
“The steps the Company has taken to increase production and reduce its cost structure and the progress it has made in increasing collections has well positioned Dana Gas to benefit from rising energy prices and create shareholder value,” said CEO Patrick Allman-Ward.
In the Kurdistan Region, production grew by seven percent to 34,000 barrels per day.
In September, Dana Gas and Crescent Petroleum signed a financial agreement with the United States to expand production at the Khor Mor natural gas field, expected to be operational by April 2023.
This year, the KRG has cleared its debts from 2019 and 2020 with Dana Gas in full.
The UAE-based company, linked to Crescent Petroleum, has been operating in the Kurdistan Region since the KRG began producing oil and gas independently of Baghdad in 2007, and selling independently in 2013.