Dana Gas, based in the UAE, announced a profit of $112 million for the first nine months of 2024, driven by a 3% rise in oil, gas, and hydrocarbon output from its Kurdistan Region fields.
The company credited this growth to “an increase in gas demand from local power generation plants, prompting an adjustment in daily production to 38,200 barrels to accommodate the heightened need.”
However, despite the production boost, Dana Gas reported “an 11.3% decline in profit compared to the same period in 2023”, citing lower volumes and prices of liquefied petroleum gas (LPG) and other hydrocarbon products as the primary factors.
In an effort to further meet growing demand, Dana Gas and its partners in Pearl Petroleum Co. Ltd. are set to develop the KM250 gas field in Kormor, reflecting their commitment to regional energy expansion.
The company, founded in December 2005 and listed on the Abu Dhabi Securities Exchange (ADX), operates in Egypt, the Kurdistan Region of Iraq, and the UAE, with reserves exceeding one billion barrels of oil equivalent.
