Media ININ Economy We Trust
Media In – Abu Dhabi – 13 December 2018
Dana Gas has announced that its production has increased to 70,000 barrels of oil equivalent per day since last November.
The company said in a statement published on the Abu Dhabi Securities Market that the increase in the rate of production came with the support of completion of the expansion and development project carried out by the company in the Kurdistan region of Iraq to raise the rate of daily production of gas and condensates.
The drilling of the Balsam 8 well within the concession area in the Nile Delta in Egypt led to an additional contribution in raising the total production to exceed the threshold of 70 thousand barrels of oil equivalent per day, which represents a significant increase compared to the average production for the first nine months of this year, which amounted to 62.25 thousand barrels Oil equivalent per day.
“The increase in production will contribute to offsetting the fall in oil prices that affected the oil industry in the last quarter, as well as supporting the company’s revenue growth and net profit for the fiscal year 2018 and coming years,” said Patrick Alman Ward, chief executive of Dana Gas.
He added that the company is currently working for more investments, which aims to double the current production rate to 900 million cubic feet of gas per day during the next three years with the increase in the rate of production of condensate to 36 thousand barrels per day and raise the rate of production of LPG to 1200 MT per day.
