Dana Gas' Q1 output falls due to natural decline in Egypt
Production at UAE-based Dana Gas fell to 62,400 barrels of oil equivalent/day in the first quarter, from 64,900 boe/d a year earlier, the company reported on May 11, attributing the drop to natural field decline in Egypt.
While its production in Egypt declined 7% to 27,000 boe/d, output at the company's assets in Iraqi Kurdistan (KRI) saw a slight growth to 35,400 boe/d, from 35,300 boe/d in the first quarter of 2021. Dana said the KM250 expansion project in Kurdistan remained on track to deliver first gas in the second quarter of 2023.
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Dana's revenues meanwhile climbed 32% to 513mn dirham ($140mn), on the back of higher prices and cost control, the company said. Its net profit more than doubled to 198mn dirham, from 88mn a year earlier. EBITDA was up 62% at 297mn dirham.
“Building on the positive momentum from 2021, Dana Gas has delivered one of its best quarterly results, supported by high energy prices, continued high KRI operational performance and our low-cost base," Dana CEO Patrick Allman-Ward commented.
The strong performance allowed Dana to follow through with its plan to pay shareholders 0.045 dirham/share in dividends from profit in the second half of 2021, bringing the year-total to 0.08 dirham.