Dana Gas: annual net profit of $32 million of Kurdistan ’operations
Shafaq News/ Dana Gas PJSC Company, the Middle East’s largest regional private sector natural gas company, today announced its Preliminary Unaudited Financial Results for the full year ended 31 December 2020.
Dana Gas’s continued operations in Kurdistan contributed an annual net profit of $32 million reflecting the profitability of the remaining business despite the challenging year caused by the COVID-19 pandemic, according to the results.
the company's total production rate in 2020 amounted to 63,200 BOE/D, a decrease of 5%, compared to 66,200 BOE/D in 2019," indicating that "the company's annual production rate in the Kurdistan region increased by 2% to 32,250 BOE/D.
“The world experienced unprecedented shocks in 2020 with the COVID pandemic and its impact on the global petroleum markets with prices collapsing to levels not seen for over 20 years. Nevertheless, Dana Gas has shown real resilience both from an operational as well as financial perspective”, Dr Patrick Allman-Ward, CEO of Dana Gas, commented.
Dana Gas is the Middle East’s first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE.