Posted by Bob Brunskill
Dana Gas PJSC, the largest regional private sector natural gas company in the Middle East, has reported an 84 per cent rise in gross profits for the second quarter of 2010 compared to the same period last year.
This was attributed to strong production growth, which amounted in aggregate to 29 per cent from the company's operations in Egypt and in the Kurdistan region of Iraq, WAM News Agency reported.
The growth was also put down to higher market prices for condensate, LPG and oil during the three-month period.
Commenting on the quarterly results, Dana Gas' chief executive officer Ahmed Al-Arbeed said: "We continue to target a 20 per cent increase in production for the full year compared to 2009 and, with the majority of our exploration drilling in the second half of the year, I look forward to hopefully being able to bring more positive news."
Meanwhile, it was reported recently that members of the Dubai Chamber saw their exports and re-exports rise by a collective 14 per cent during the first half of 2010 compared to the same period last year.