Dana Gas’s average production during the first nine months of 2019 increased by 8% to 67,100 barrels of oil equivalent per day (boe/d), driven mainly by a 23% increase in production in the Kurdistan Region of Iraq to 31,800 boe/d, the company announced in a press release.
The company’s net profit from operations has increased by 85% to $76 million compared to $41 million in the first nine months of 2018. This increase in net profit was mainly due to increased production in the Kurdistan Region of Iraq, following the completion of the expansion of the development project in the region during Q3 2018.
Dana Gas’s revenue for the first nine months of the current year increased by 2% to $357 billion, compared to $ 351 million, due to the higher production in the Kurdistan Region of Iraq, which added $32 million to the company’s revenues.
Dana Gas CEO, Patrick Allman-Ward, said, “We look forward to increasing production by improving the gas processing lines in the Kurdistan Region of Iraq, which will enable us to produce and sell 250 million cubic feet of gas per day (mmcf/d) by 2022.”