Dana Gas has announced a fall in profits, blaming the decline on low oil prices.
The company posted a 73.3% fall in its first-quarter net profit, down from $45mn to $12mn.
The privately owned company is owed $243 million in Egypt, and $770 million in the Kurdistan region of Iraq as of March 31, it added.
First quarter 2015 group production remained strong, with an average of 68,700 barrels of oil equivalent per day produced from its assets in Egypt and Kurdistan.
“Dana Gas has maintained a high-level of production across our operations and has delivered positive revenue and profit numbers despite the steep fall in hydrocarbon prices, the difficult macroeconomic environment in Egypt and the unpredictable security environment in Iraq,” Dr Patrick Allman-Ward, Chief Executive Officer, commented.
“Our operational success and financial stability can also be attributed to our continued focused approach to capital expenditure and our cost discipline.
“With the GPEA project in Egypt making progress, we are in good shape to not only sustain but markedly increase our production in Egypt in the medium term.”
