Dana Gas PJSC, the Middle East’s largest regional, private sector, natural gas company, has announced its financial results for the quarter ended 30th June 2010.
Revenue from the sale of hydrocarbons increased to AED 428 million, with gross profit reaching AED 179 million. These figures represent increases of 41% and 84% respectively, compared to the same period last year. This is due to strong production growth, amounting in aggregate to 29%, from the Company’s operations in Egypt (where ten fields are now producing) and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase. It is also due to higher market prices for, condensate, LPG and oil during the quarter, as compared to 2Q 2009.
In the Kurdistan Region of Iraq Dana Gas, through its 40% share, produced 1.06 million boe of gas and condensate during the quarter, an increase of approximately 88% over the same period in 2009. The first train of the LPG Plant at Khor Mor is in partial operation, producing gas and condensate. Production of LPG will start later in 2010, which will further increase production.
With regard to the Iraqi operations, Chief Executive Officer, Mr. Ahmed Al-Arbeed, said: “In the Kurdistan Region of Iraq, production continues to grow as we supply gas to meet the demands of the Erbil and Bazian power stations and it remains a source of pride to Dana Gas that this region of Iraq is one of the few with a reliable electricity supply. We are producing gas and condensate through our new permanent facilities and the first train of the LPG plant at Khor Mor will commence LPG production shortly. Consequently, Dana Gas’ growth is set to continue.”
Dana Gas should not be confused with the London-listed Dana Petroleum (LSE: DNX).