Dana Gas, the Sharjah-based energy company, has announced that as a result of the ramp up of production from its debottlenecking project in the Kurdistan region of Iraq, its group production reached 70,000 barrels of oil equivalent per day (boepd) on 19th November and has since been sustained above that level.
The company’s principal operations are in the Kurdistan Region of Iraq, KRI, and Egypt, where the drilling of the Balsam-8 well has also led to a sharp increase in overall production. Current group production, in excess of 70,000 boepd, represents a significant increase compared to the Company’s nine month 2018 average of 62,250 boepd.
"At the start of the year, we planned a drilling programme in Egypt and a debottlenecking project in the KRI that would significantly increase production," said Patrick Allman-Ward, CEO of Dana Gas. "We have successfully delivered both projects. The increase in production will help offset the lower realised hydrocarbon prices that have impacted the oil industry in the last quarter and support growth in our revenue and net profit figures for the full year 2018 and beyond.
"We remain excited about the long-term future of our world-class assets in the KRI. Further investment is underway to double current production to 900 MMscf/d over the coming three years, together with an increase in condensate to 36,000 bpd and LPG to 1200 MTpd."
Source: Reuters
