Dana Gas' Q1 output slides due to natural decline of Egyptian assets

UAE-based Dana Gas reported a fall in output in the first quarter of 2022 due to the natural decline of its Egyptian assets, the company said in its first-quarter results, which it declared to the Abu Dhabi Securities Exchange on May 11.

The company's overall output declined to 62,400 b/d of oil equivalent in the first quarter from 64,900 boe/d during the same period last year. The company's production from the Kurdistan Region of Iraq remained largely unchanged at 35,300 boe/d compared with 35,400 boe/d.

Its Egyptian assets reported a 7% decline due to natural field depletion with output falling to 27,000 boe/d.

The company's plans to expand output at the Khor Mor field in Iraqi Kurdistan is "progressing well" with the first gas expected in the second quarter of 2023.

Dana Gas reported a 125% increase in net profit for the first quarter of 2022. The profit for the three-month period ending in March was $54 million compared with $24 million for the same period last year.

Revenue rose 32% to $140 million, largely due to higher hydrocarbon prices and cost-cutting efforts, the company said.

Dana Gas' realized prices in the first quarter averaged $82/b for condensate and $43/boe for liquefied petroleum gas, compared with $44/b and $33/boe during the same time last year, respectively.