Dana Gas Reports Increase in Profit Margin Despite Regional Challenges
Dana Gas, the largest private natural gas company in the Middle East, has announced a 3 percent increase in its profit margin for the second quarter of 2024 from the Khor Mor field. The company also reported a $34 million rise in revenues compared to the previous year.
In a statement, Dana Gas highlighted its oil production in the Kurdistan Region, which has reached 37,000 barrels per day, alongside its gas production. Despite facing several attacks in the Kurdistan Region, the company remains committed to completing the "Kormor 250" project in the Khor Mor field.
For the first quarter of 2024, Dana Gas reported revenues of AED 356 million ($97 million) and net profits of AED 139 million ($38 million). This represents a decline from the AED 183 million ($50 million) in net profits recorded during the same period in 2023. The decline was attributed to lower achieved selling prices of condensates during the first quarter of 2024 compared to the previous year.
The company faced a significant challenge on April 26, when a drone attack on a condensate storage tank in the Khor Mor gas field temporarily halted production. However, production resumed within days after the Iraqi government and the Kurdistan Regional Government took measures to enhance security and defense capabilities in the area. This incident may impact the timeline for the completion of the Khor Mor 250 project, and Dana Gas continues to monitor the situation closely, promising to disclose further developments as they occur.
Established in December 2005 and listed on the Abu Dhabi Securities Exchange, Dana Gas is the first and largest private regional natural gas production company in the Middle East. With operations in Egypt, the Kurdistan Region of Iraq, and the United Arab Emirates, the company boasts proven and probable reserves exceeding one billion barrels of oil equivalent and a daily production rate of approximately 60,000 barrels of oil equivalent. Dana Gas plays a crucial role in the growth of the natural gas sector across the Middle East, North Africa, and South Asia.
