Sharjah-based energy company Dana Gas PJSC (DANA:ADX) has announced a 70% rise in net profits for the second quarter of 2014 totaling US$ 46 million (AED 169 m), citing an increase in production across its projects and higher realised hydrocarbon prices.
The company, which is the Middle East’s largest regional private sector natural gas company, reported an increase in average overall production volumes of 17% in Q2 2014 to 72,200 barrels of oil equivalent per day (boepd), compared to 61,700 boepd during the same period last year. Total revenues for the second quarter were US$ 187 million (AED 685m), being 35% higher than Q2 2013 .
The Dana Gas group produces oil, gas and natural gas liquids from its operations in Egypt and the Kurdistan Region of Iraq and has estimated reserves of 152 million barrels of oil equivalent and a resource potential of some 900 million barrels from its world class acreage in Egypt. The group is estimated to be the GCC’s largest investor in the Kurdistan Region of Iraq, investing some US$1.1 billion (AED 4b) in major projects in the region’s Khor Mor and Chemchemal gas fields.
Dana Gas Egypt registered a continued upturn in average Q2 production to 42,950 boepd, a 25% increase on the 34,300 boepd achieved in 2Q 2013. Meanwhile, in the Kurdistan Region of Iraq (KRI) the company’s share of production in the second quarter was also higher by 7% to 28,800 boepd compared with 27,000 boepd in 2Q 2013.
Established in 2005 with over 300 prominent founder shareholders from across the Gulf Cooperation Council (GCC) region, Dana Gas PJSC is listed on the Abu Dhabi Securities Exchange. The group owns 100% of Dana Gas Egypt, plus Sajaa Gas Private Limited Company and United Gas Transmissions Company Ltd (UGTC) in the United Arab Emirates. The group is also invested in a number of energy companies and joint ventures across the Middle East region.
Source: Dana Gas