2024-02-08T09:43:31+00:00
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/ The Emirati company Dana Gas reported on Thursday that its profits decreased by 12% during 2023, due to the decline in hydrocarbon selling prices, confirming that it was partially compensated by increasing production in the Kurdistan Region of Iraq.
According to a statement by the company listed on the Abu Dhabi Securities Exchange, the average production of the company, which operates in Iraqi Kurdistan and Egypt, amounted to 2% during 2023, reaching 58,700 barrels of oil equivalent per day, compared to 60,200 barrels of oil equivalent per day during 2022.
She explained that this is due to a 16% decrease in production in Egypt, reaching 21,800 barrels of oil equivalent per day, due to the natural decline in field production.
However, according to the statement, the company succeeded in compensating for this decline by increasing production in the Kurdistan Region by 8%, bringing its net production to 36,900 barrels of oil equivalent per day.
“During the last quarter of 2023, our financial position witnessed a significant improvement in payments received from the Kurdistan Region of Iraq, thanks to the new mechanism for receiving dues directly from power plants, as well as setting a specific schedule for receiving late payments,” the company’s CEO said.
He added, “As 2024 begins, we will continue to work with our government partners in the Kurdistan Region of Iraq and Egypt to ensure that dues are received on time.”