Dana Gas posted strong third-quarter results which saw net profit jump fourfold due to a 20 per cent increase in total production and higher oil prices.
The company posted a net profit of US$38.9mn compared with net profit of US$8.99mn a year ago. Revenue from the sale of hydrocarbons increased to US$175.6mn, which represent an increase of 58 per cent compared to the same period last year.
Commenting on the quarterly performance, Dana Gas Chief Executive Officer, Mr. Ahmed Al Arbeed, said: "Dana Gas continues to deliver strong performance and increases in profits driven by our successful operations, in spite of a globally challenging environment. We have and will continue to respond to challenges successfully and with confidence."
Kurdistan region
Dana Gas said its production in the Kurdistan Region of Iraq increased compared to Q3 2010 as a result of both trains of the gas plant at the Khor Mor Field being in operation to cater for increased demand for gas from the power stations at Erbil and Suleymania.
Dana Gas said that gas is now being delivered to the Erbil and Sulaymania power stations at peak rates in excess of 300 million standard cubic feet per day with average production of 296 million standard cubic feet per day of gas, 13,900 barrels per day of condensate, and 240 tons per day of LPG. This equates to 26,400 barrels of oil equivalent per day net to Dana Gas, which owns a 40 per cent interest in the license.
Production uninterrupted
"Production operations in Egypt have continued uninterrupted, notwithstanding the challenging transitional period the country has gone through during the year," Dana said in the statement.
In Egypt, production during 3Q 2011 averaged 40,400 barrels of oil equivalent per day from the company's twelve producing fields in the Nile Delta and in Upper Egypt.
