Dana Gas posts net loss for 2020

12 February, 2021 12:00 AM printer

DUBAI: Sharjah-based Dana Gas reported a net loss of $376 million in 2020 compared with a net profit of $157m in the previous year, due to lower oil prices and the economic impact of the Covid-19 pandemic.

Revenue fell 24 per cent to $349m in 2020 from the year-earlier period due to lower realised prices and less production in Egypt., the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade, report agencies.

“Despite the challenges imposed by the global pandemic, we exited the year in a robust financial position with a strong balance sheet, having agreed upon the sale of our Egypt onshore assets, redeeming our outstanding sukuk and entering into a new credit facility at a lower interest rate,” said Dana Gas chief executive Patrick Allman-Ward.

The company plans to advance the development of its assets in Iraq’s Kurdistan Region, which account for 90 per cent of Dana Gas’ estimated reserves of 1 billion barrels of oil equivalent.

The group also plans to move ahead with plans to drill the next exploration well in Block 6 in Egypt, which Mr Allman-Ward said held “exciting, material upside potential”.