(MENAFN - Khaleej Times) Dana gas the middle east?s largest regional private sector natural gas company said its revenue grew to dh2.
at its 8th annual general meeting dr adel al sabeeh chairman of the board said dana gas made solid progress in 2013 despite ongoing economic and political uncertainty in the two principal countries in which the company operate. “we are confident that dana gas is well-positioned and has the right leadership to tackle growth opportunities in the region. we remain committed to maximising value for our shareholders and look forward to future years with renewed confidence.”
honorary chairman shaikh ahmed bin sultan al qasimi chaired the agm. the company said the increase in output was led by egypt which increased production by 14 per cent and contributed dh1.5 billion to gross revenue as compared to dh1.4 billion in 2012.
net profit was slightly lower at dh571 million compared to dh605 million in 2012 impacted by lower sales of lpg in the kurdistan region of iraq along with an increase in royalty payments and higher depreciation depletion and amortisation expenses in egypt.
cash balance improved by 24 per cent to dh748 million by end of 2013 aided by an dh194 million payment of outstanding receivables from egypt in december 2013.
the company’s chief executive officer dr patrick allman-ward said in 2013 the company increased production levels in egypt and won working interest in a major new concession area which has high prospectivity. “in kurdistan the resumption of our lpg loading facilities is adding incremental revenue and will enhance profits going forward. we have also achieved progress in the development of the zora gas field in the uae which provides real growth opportunities. overall we are confident that our steady progress in recent years has set the scene for further improved financial performance in the years ahead.”
he said in the uae dana gas is progressing rapidly with the development of the zora gas field and in november 2013 the company awarded adyard abu dhabi the dh62.5 million contract for the fabrication of an offshore platform of the project. “dana gas’s uae gas project continues to await the delivery of gas from the national iranian oil company. dana gas’s joint-venture partner in the uae gas project crescent petroleum continues to seek a legal ruling on the gas deliveries and expects a decision from the tribunal in this regard during 2014” the company said.
dana gas egypt’s gas lpg condensate and crude oil full year output was 14 per cent higher at 36700 barrels of oil equivalent per day (boepd) compared to 32200 boepd in 2012. during the year the company also announced achieving record gas production levels equivalent to 41500 boepd (including associated liquids).
the company drilled and tested one exploration and three development wells during the year and announced its 25th discovery with the begonia-1 well in the nile delta. dana gas also won 100 per cent working interest in the north el arish offshore (block 6) concession area in egypt the company said in a statement.
in the kurdistan region of iraq the company’s full year share of production in the khormor field remains constant at 27600 boepd.