Dana Gas Q1 Net Profit Jumps 27%
United Arab Emirates-based energy firm Dana Gas on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals.Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement.Dana said the rise was due to higher prices and the reversal of accruals made by Pearl Petroleum for certain charges in previous years which are no longer required following an arbitration settlement with the Kurdistan R
Iraq O&G Exploration and Development Auction Ends
Iraq has awarded Iraqi-owned United Arab Emirates-based Crescent Petroleum three exploration blocks in an oil and gas exploration and development contract auction on Thursday and China's Geo-Jade won two.United Energy Group, also based in China, won one contract and a total of five blocks received no bids.Iraq is offering 11 new blocks for exploration in border areas with Iran and Kuwait and in offshore Gulf waters.Reporting by Maher Chmaytelli
Crescent Petroleum, Dana Gas to Increase Production from Khor Mor Field
Pearl Petroleum, a company consortium led by Crescent Petroleum and Dana Gas of the UAE, has signed a 10 year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to supply and sell the additional quantities of gas that it plans to begin producing later this year in order to boost much needed local domestic electricity generation. The GSA was signed on 30th January 2018 by the KRG Minister of Natural Resources Dr. Ashti Hawrami, CEO of Crescent Petroleum Mr.
Big Oil Frets About China-U.S. Trade Tensions
Saudis say tensions make many countries anxious; China a key engine for global oil demand growth. Oil executives and Middle East producers are concerned that trade tensions between the United States and China risk clouding the outlook for global energy demand growth and a recovery in the price of oil. "It is not unique to our country to feel a certain level of anxiety (about tensions). But there is a lot of wisdom on both sides...
Iraq Offers Oil Fields Under New Contract Terms
Iraq's oil ministry has launched a new round of bidding to develop 12 small to medium-sized oil fields and will directly negotiate terms with oil companies as it seeks to move away from the service-based contracts it agreed for the development of its giant fields. The 12 fields now on offer straddle three provinces: four in Basra, five in Misan and three in the Central province, according to a tender document on the ministry's website.
Dana Gas: No Gas Import Deal with Iran
The United Arab Emirates' Dana Gas has not been able to reach an acceptable deal with Iran on natural gas imports into the UAE, and an arbitration process will continue, chief executive Patrick Allman-Ward said on Tuesday. However, Dana and its affiliate Crescent Petroleum are still open to further discussions with Iran, which also wants to see the dispute resolved, Allman-Ward told reporters. National Iranian Oil Co and Crescent signed a 25-year contract in 2001 for Iran to deliver gas to the UAE…
Cresent Petroleum Gas Projects Brings Benefits to Iraq
Dana Gas and Crescent Petroleum has announced the findings of the ‘Socio Economic Benefits Report’ undertaken by PwC on the impact of their combined investment in their Gas Project in the Kurdistan Region of Iraq in partnership with their Pearl Petroleum Consortium partners. The report concludes that this investment has and will continue to make a significant contribution towards the KRI’s economic and social development…
Dana Gas Profit Up 15%
Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (AED1.5 billion) and $126 million (AED463 million) respectively…
Dana Gas: Oil Prices, Egypt Charge Created Q4 Loss
Q4 loss 15 mln dirhams vs 128 mln profit a year earlier; company took $22 mln charge on Egyptian oil and gas assets. United Arab Emirates-based energy firm Dana Gas reported a fourth-quarter loss on Thursday that the company blamed on lower oil prices and a fall in the value of its oil and gas assets in Egypt. The Sharjah-based company, which operates in Egypt, the UAE and Iraq's Kurdistan region, made a net loss of 15 million dirhams ($4 million) in the three months to Dec.
Oil Majors Cut Staff in Iraq on Violence Fears
Some oil companies are pulling foreign staff from Iraq, fearing Sunni militants from the north could strike at major oilfields concentrated in the Shi'ite south despite moves by the Baghdad government to tighten security. Iraqi officials say the southern regions that produce some 90 percent of the country's oil are completely safe from the Islamic State of Iraq and the Levant (ISIL), which has seized much of the north in a week as Baghdad's forces there collapsed.
Dana Gas Reports Increased Production, Revenues
Dana Gas held its eighth Annual General Meeting (AGM), chaired by the company’s honorary chairman H.H. Sheikh Ahmed Bin Sultan Al Qasimi. All resolutions presented to shareholders at the AGM were approved. The AGM approved the Board of Directors’ report on the company’s financial results and the financial statements together with the Auditors report for the year ended December 31, 2013. Commenting on the overall performance of the company, Dr.
