Dana Gas announced achieving a net profit of $317 million in its preliminary unaudited financial results for the full year, which ended on 31 December 2021.

The company said that this increase came as a result of higher oil prices, improved operational performance, in addition to other income.

Also, Dana Gas has achieved revenues worth $452 million in 2021, compared to $349 million in 2020 due to higher oil prices and higher production in the Kurdistan Region of Iraq (KRI).

On this occasion, Patrick Allman-Ward, CEO of Dana Gas, commented “This growth would not have materialized without the outstanding dedication and hard work of our staff who, despite the global COVID pandemic, have worked tirelessly to ensure the Company delivered on its commitments.”

“We have progressed significantly on our expansion 2 works at the Khor Mor plant. The first KM250 gas train is expected to go onstream as scheduled in Q2 2023. We are also pleased that our KRI operations achieved net carbon neutral status in 2021. This is an important milestone on our journey to reducing the carbon intensity of our operations to provide low-carbon energy for our customers,” Allman-Ward added.