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UAE-based independent Dana Gas slipped into the red in the third quarter. A Q3 loss of $9mn, on the back of low oil prices and reduced output, contrasts with a $38mn profit for the same quarter a year earlier.
However, the group expects production to increase in 2016 owing to a reversal of declines in its primary Egyptian assets, along with new production in the UAE. Nevertheless, the issue of receivables is set to remain a major concern for the company. Outstanding receivables now top $1bn: with a whopping $804mn owed by Iraq’s Kurdistan Regional Government (KRG) and $252mn by Egypt.
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