Dana Gas says 75% of output is natural gas at fixed prices

SHARJAH / WAM

Dana Gas has announced that natural gas currently constitutes 75 percent of the company’s production, which is sold under long term gas sale contracts with host governments at prices which are unaffected by falling oil prices.
In a press release issued by the company on Monday, it said that these gas sales account for approximately half of the company’s income, leading to sustainable revenues even in low oil price environments.
Commenting on the announcement, Patrick Allman-Ward, CEO of Dana Gas, said, “Since half of our income is protected in low oil price environments, we are competitive and opportunistic at the current environment. We are obviously monitoring the market closely and responding accordingly. The Company already has an excellent track record of cost control and we will obviously be looking at identifying potential areas for further cost reductions should the low oil price environment persist.”
“In the meantime, the company will continue the implementation of its planned projects in the Kurdistan Region of Iraq, KRI, which will lead to significant growth in both production and revenues in the years to come.”