Dana Gas says Egypt operations are not affected
Dana Gas PJSC, the UAE-based natural gas company, has announced that its work in Egypt was not affected by the recent disturbances resulting from protests against the regime. The company CEO Ahmed Al-Arbeed, said that "Dana Gas Egypt" continues its routine operations and production was not affected by recent events.
It is noteworthy that the company's production rose last year in the Nile Delta concessions by 20% compared to 2009, with an annual production estimated at 42 thousand barrels per day of oil.
Meanwhile, the company announced its preliminary financial results for the year ended 31st December 2010. Revenue from the sale of hydrocarbons increased to AED 1,785 million, with gross profit reaching AED 781 million. These figures represent increases of 40% and 79% respectively, compared to 2009 and reflect the Company’s continued production growth in Egypt and from the Khor Mor field in the Kurdistan Region of Iraq.
Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) was AED 1,034 million. In 2009 EBITDAX was AED 1440 million due to a one-off gain reported in 2009 from the sale of a 10% interest in the Kurdistan Region of Iraq assets.
The resulting full year net profit for Dana Gas in 2010 was AED 158 million compared to AED 88 million in 2009, an 80% increase which reflects growing production and higher oil prices especially in the fourth quarter of 2010.