Abu Dhabi – Mubasher: Dana Gas said it turned to profitability in the third quarter of 2016 through reporting net profits of $13 million, against net losses of $9 million for the similar period a year earlier.
As for the first nine months of 2016, the company reported net profits of $26 million up from $10 million for the corresponding period of the previous year.
Meanwhile, the company posted $280 million and $102 million in revenues for both the nine months and third quarters of 2016 respectively.
The company pointed out that lower oil prices over the first nine months of 2016 led to a decline in revenues, while combined average realized liquids price during the third quarter was $32 per barrel of oil equivalent (boe) as compared to $41 per boe in the third quarter 2015.
However, the third quarter’s incremental production in Egypt and new production from Zora Gas Field pushed revenue higher on a quarter-on-quarter comparable basis
