Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn.
But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wrangle with Iraq’s Kurdistan Regional Government (KRG) over payments, while oil prices continue to hover around $30/B.
Dana Gas CEO Patrick Allman-Ward told the group’s results conference call on 15 February that a “key contributor” rise was the cash received from Germany’s RWE Supply and Trading following the “amicable settlement” of an arbitration case. Under the settlement, RWE acquired from Dana Gas 5% of the Pearl consortium that operates the Chemchemal and Khor Mor gas fields in the KRG. (CONTINUED - 969 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Dana Gas Production ('000 B/D Of Oil Equivalent): KRG Rivals Egypt As Key Of Operations|
|chart||The Pearl Consortium's KRG Trade Receivables ($MN, End Of Period)|
|chart||Dana Targets 15% Output Hike From 4Q15 Volumes In 2016 ('000 BOE/D)|
|chart||Dana Gas Egypt Receivables Fall In Q4; Balsam Boost Stabilises Production|
|chart||Dana Gas Capital Spending ($MN)|