Thursday, September 29, 2022

Baghdad

Dana Gas production in Kurdistan increased during first half of 2022

 Dana Gas production in Kurdistan increased during first half of 2022

The Khor Mor gas field in Kurdistan region. Photo: Dana Gas PJSC

Baghdad (IraqiNews.com) – Dana Gas Company, the largest private company operating in the natural gas sector in the Middle East, announced on Thursday that its production in Kurdistan region increased in the first half of 2022, according to a statement issued by the company.

The statement mentioned that the company’s net profit increased by 82 percent during the first six months of 2022, reaching 111 million USD, compared to 61 million USD achieved during the first half of 2021.

Dana Gas’ profitability growth during the first half was driven by higher oil and gas prices, its continued commitment to cost savings, in addition to the strong performance of its operations in the Kurdistan region of Iraq.

The company’s revenues for the first six months of 2022 increased by 31 percent to become 284 million USD compared to 216 million USD during the first half of 2021, while its operating costs decreased by 16 percent.

The average sales of its products during the first half of 2022 reached 87 USD per barrel of condensate, a mixture of light liquid hydrocarbons, similar to a very light crude oil, and 44 USD per barrel of liquefied petroleum gas (LPG), compared to 48 USD per barrel of condensate and 32 USD per barrel of LPG during the first half of 2021.

Despite the security challenges the company faced, it continued its operations in Kurdistan region in northern Iraq with no interruption. Its total production in the region increased by one percent during the first half of 2022. It also made good progress in relation to expanding and developing the gas processing facility in Khor Mor gas field.