Sharjah, UAE– Dana Gas has reported a net profit of $182 million for the year 2022, compared to $317 million in 2021.
Excluding other income and impairments, Dana Gas reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
The company said the rise was driven by high energy prices and “prudent cost control”. It reported a 17 percent increase in revenues from 529 million in 2022 compared to $452 million in 2021.
The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq (KRI), it said. Production in the KRI and Egypt remained uninterrupted throughout the year.
In 2022, production in the KRI increased by one percent to 34,300 barrels of oil equivalent per day (boepd). Following the successful completion of further plant de-bottlenecking enhancements at the Khor Mor facility in the KRI in the second half of the year, the plant’s production capacity increased by 50 million standard cubic feet per day (scf/d) to 500 million scf/d.
Gas production reached this new record of 500 million scf/d on the 14th of January, which will have a positive impact on production and revenues in 2023, the company said.