Dana Gas reports $112 million profit, announces KM250 gas field in Khor Mor area
Dana Gas plans to begin development work on the KM250 gas field in the Khor Mor area, reflecting the company's commitment to expanding its production capacity to meet the region's growing demand.
ERBIL (Kurdistan 24) – Dana Gas, operating in oil and gas fields in the Kurdistan Region, has reported profits of $112 million during the first nine months of 2024.
The UAE-based natural gas producer in the Middle East announced a 3% increase in its production of oil, gas, and hydrocarbon derivatives from its gas fields in the Kurdistan Region.
In a statement, the company explained that this increase came in response to rising gas demand from power generation stations in the region.
According to the statement, the company's daily production rose to 38,200 barrels, driven by increasing gas demand from Kurdistan's power stations.
Despite the production increase, the company reports that its profits declined by 11.3% compared to the same period last year, citing lower volumes and prices of liquefied petroleum gas (LPG) and other hydrocarbon products.
Dana Gas, in partnership with other companies within the Pearl Petroleum consortium, plans to begin development work on the KM250 gas field in the Khor Mor area, reflecting the company's commitment to expanding its production capacity to meet the region's growing demand.
The company was established in December 2005 and is listed on the Abu Dhabi Securities Exchange.
Dana Gas maintains exploration and production operations in Egypt, the Kurdistan Region, and the UAE, with proven and probable reserves exceeding one billion barrels of oil equivalent.
The company's operations in the Kurdistan Region have been crucial for meeting the region's growing energy needs, particularly in power generation.
As one of the largest natural gas companies in the Middle East, Dana Gas's activities in Kurdistan represent a significant component of the region's energy infrastructure development.