Dana Gas expects to increase its production to 250 million cubic feet of gas per day in the Kurdistan region
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And Al-Sharq Bloomberg quoted the company's investor relations manager, Muhammad Al-Moubaideen, as saying: "The company increased its production capacity by 50 million cubic feet in the last quarter of last year, to reach 500 million cubic feet of oil equivalent per day, which contributed to the company's increased production in the region by 10% during the first quarter of this year.
Al-Moubaideen indicated: "Production will start in April, and it is expected that we will see the financial impact during the second half of 2024 and throughout 2025."
The company had previously disclosed to the Abu Dhabi market that the expansion of "Khor More" would add $200 million to the company's annual revenues at an oil price of $70, which is approximately 40% of the company's annual revenues.
The profits of the Emirati company, "Dana Gas", declined in the first quarter by 7%, to reach 183 million dirhams ($50 million), despite the increase in sales volume, as the decline in selling prices of products by 22% During the first quarter affected revenues.
The company said that the increase in production in the Kurdistan region of Iraq during this period contributed significantly to limiting the decline in profits.
The average production of the "Dana Gas" group in the first quarter reached 62.9 thousand barrels of oil equivalent per day, an increase of 1% over the corresponding quarter of 2022, while the production rate in the Kurdistan region increased by 9% of oil. equivalent, while the company's production rate decreased in Egypt. by 10%.[/rtl]