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The Sharjah-based energy company Dana Gas has bucked the trend and achieved what very few in the oil and gas industry has managed to do last year by announcing an increase in both profits and revenues compared to 2008.
In a statement emailed to ArabianOilandGas.com, Dana said that revenues from hydrocarbon sales hit US$348 million with gross profits of $118.7 million. The figures represent increases of 12% and 69% respectively.
“[The rise in revenues and profits] reflect the Company’s ongoing and growing operations in Egypt, plus a full year of condensate production sales from the Khor Mor field in the Kurdistan,” the statement said.
It was not all good news as Dana Gas seen its net profits drop from $32.67 million in 2008 to $23.96 million last year. The company said that the reduction is largely due to the “write off of exploration costs together with specific impairments (Tunisia and Nigerian asset value revisions, plus a reduction in inventory and land values)”.
However, Dana Gas also said that “Total Comprehensive Income” (all net income from 2008) was $124.7 million, up from $32.67 million in 2008. This figure includes the undisclosed income from its investment in MOL (the Hungarian oil and gas company, who are one of our partners in Kurdistan) that wasn’t included in the net profits.
“Dana Gas is an operationally strong and successful company. We have a good portfolio of assets and we are pleased with the progress that we have made during 2009,” Dana’s CEO Ahmed Al-Arbeed, said.
“Our Egypt exploration programme has been resoundingly successful, yielding eight discoveries in 2009 and a 40% increase in 2P reserves at the end of the year. In addition, our end of year actual production run rate exceeded the target run rate of 40,000 boepd”.”
“In the Kurdistan Region of Iraq, Dana Gas continues to supply gas to the Erbil power station and continues progress in constructing the LPG Plant on which we expect to commence commissioning work shortly.”
“Closer to home, we are approaching the execution phase of the Sharjah Western Offshore Project which will add to our production and revenues in 2011,” he added.
