UAE energy firm Dana Gas reported a net loss of US$9 million for the third quarter of this year, compared to a net profit of US$38 million in the same period in 2014.
The company on Sunday posted a gross revenue of US$324 million and US$93 million for the nine months and the third quarter ended September 2015, respectively. This compares to a US$ 541 million and US$ 174 million during the same period in 2014.
Dana Gas’ net profit for the first nine months in 2015 stood at US$10 million, compared to the US$129 million in the same period 2014.
According to Dana Gas, the third quarter loss was principally due to lower prices but also to lower production. Dana Gas share of production in Q3 2015 decrease by 11 percent to 60,800 barrels of oil equivalent per day from 68,700 boepd, due primarily to natural declines in the Nile Delta fields in Egypt.
However, Dana Gas Egypt made a gas discovery at Balsam-3, and proved up additional 2P reserves with the Balsam-2 development well, both located in the Balsam Developmental Lease in the Nile Delta region. Preliminary estimates have put the additional 2P reserves at 165 billion cubic feet (Bcf) of gas, equivalent to 28 million barrels of oil equivalent.
Since the beginning of the year, the company has cut US$ 5 million by lowering general and administration costs and plans further workforce reductions in the fourth quarter 2015.
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LNG World News Staff; Image: Dana Gas