Dana Gas’ net oil and gas production rose above 65,000 boe/day in Q2 for the first time since the same period last year. With production averaging 66,700 boe/d, the firm recorded a 1.4% year-on-year increase, and a 10.2% increase on Q1 thanks to increased UAE and Egyptian output.
A 33% quarter-on-quarter increase in oil prices helped boost Dana’s revenues by $14mn to $96mn. But this still represented a yearly decrease of $20mn. Nevertheless, indicative of the cost-cutting measures that IOCs have embarked on to withstand the low oil prices, last quarter’s net profit of $7mn was the same as in the same quarter of 2015. (CONTINUED - 904 WORDS)
