Dana Gas has announced that it has made a net profit of US$34.9mn in Q4 2013, up 12 per cent from a year earlier
However, the net profit for the full year fell six per cent to US$155.5mn, due in part to rising royalty payments to the Egyptian government and lower sales of LPG in the Kurdistan Region of Iraq, the Abu Dhabi-listed oil and gas producer said.
Dana Gas had said in its preliminary results statement that it had not received any significant payments from Kurdistan Region of Iraq since July 2013 and was pushing for payments to resume as soon as possible.
The company had also initiated a legal case in a UK court against the Kurdistan Region of Iraq over non-payments and production rights of gas.
Patrick Allman-Ward, CEO of Dana Gas, said, “In the Kurdistan Region of Iraq, we continue to maintain operations and deliver on our commitments.
“We have also taken action to resolve our issues with the Kurdistan Region of Government (KRG) and confirm our contractual rights.”
The company said that it had collected US$134mn in Egypt in 2013.
Dana Gas also said that it expected its Zora offshore gas field project, located 33km off the coast of the UAE emirate Sharjah, to start supplying around 1.1mn cubic metres per day of gas to northern parts of the UAE from early 2015.
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