Dana Gas Company has announced that its production of natural gas which constitutes 75% of the company’s production is unaffected by failing oil prices, according to a statement issued by the company.
The company elaborated that its natural gas is sold under long term contracts at fixed prices so it is not affected by the falling oil prices.
It added that these gas sales account for approximately half of the Company’s income, leading to sustainable revenues even in low oil price environments.
The CEO of Dana Gas, Patrick Allman-Ward said that “Since half of our income is protected in low oil price environments, we are competitive and opportunistic at the current environment. We are obviously monitoring the market closely and responding accordingly.”
He added that the Company will continue implementation of its planned projects in the KRI which will lead to significant growth in both production and revenues in the years to come.”