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Iraqi Kurdistan and Egypt fire up profits
for Sharjah's Dana Gas
13.5.2011 |
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May
13, 2011
SHARJAH,
— Dana Gas, the Sharjah gas producer, has nearly
tripled its first quarter profit on the back of
sharply higher output from Egypt and Iraqi
Kurdistan.
The private-sector company, whose stock trades on
the Abu Dhabi Securities Exchange, posted net income
of Dh92 million (US$25.07m) for the first three
months of this year, up 180 per cent from the first
quarter of last year. Revenue rose 50 per cent to
Dh616m.
"This outcome is driven by [a] 34 per cent increase
in production from Egypt and the Kurdistan region of
Iraq," said Ahmed al Arbeed (CK), the chief
executive of Dana.
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A string of gas and
condensate discoveries in Egypt's Nile Delta since
2007 has bolstered Dana's reserves as the company
has rapidly expanded its output from the region that
generates the bulk of its revenue. Dana announced
its 22nd Egyptian gas strike earlier this month.
The company said it produced 4.25 million barrels of
oil equivalent (boe) from Egypt during the first
quarter, up 20 per cent from the comparable period
of last year.
"We have continued our operations uninterrupted
throughout the changes to the Egyptian political
landscape," Mr al Arbeed noted.
In Kurdistan, Dana and its partners Crescent
Petroleum (CK), OMV (CK) and MOL (CK) have recently
completed a gas processing plant, enabling them to
produce a sales stream of liquid petroleum gas
(LPG). Previously the group supplied gas free of
charge to local power plants while stripping out
only condensate,www.ekurd.neta
type of light oil, for separate sale.
Dana's 40 per cent share of gas, LPG and condensate
production from the Khor Mor field in Kurdistan
totalled 1.75 million boe in the most recent
quarter, an 80 per cent increase from the January to
March period of last year. The more gas the group
pumps, the more liquids it can sell.
"Gas production from Khor More will increase as
demand from the power stations increases and as new
customers in the region are established," Dana
predicted.
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