Dana Gas reports $112M in profits over nine months from the Kurdistan Region
Shafaq News/ On Saturday, the UAE-basedDana Gas reported that its nine-month profits in 2024 reached $112 million,with a 3% rise in oil, gas, and hydrocarbon output from its Kurdistan Regionfields.
In a statement, the company affirmed,“The growth was fueled by rising gas demand from Regional power generationplants, leading Dana Gas to raise its daily production to 38,200 barrels tomeet the heightened need from these stations.”
Despite the production increase, thecompany reported an 11.3% profit decline from the same period in 2023, due tolower volumes and prices of liquefied petroleum gas (LPG) and other hydrocarbonproducts.
In a related development, Dana Gas,along with partners in the Pearl Petroleum Co. Ltd., plans to develop the KM250gas field in Kormor, reflecting its commitment to expanding production to meetrising Regional demand.
Notably, Dana Gas, a private naturalgas producer in the Middle East founded in December 2005, is listed on the AbuDhabi Securities Exchange (ADX). The company operates in exploration andproduction across Egypt, the Kurdistan Region of Iraq, and the UAE, withreserves surpassing one billion barrels of oil equivalent.
