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"Dana Gas": Our production is not affected by the oil market

Category: Economy

Date: 2020-03-09T09:40:11+0000
"Dana Gas": Our production is not affected by the oil market

Shafaq News / Dana Gas confirmed that natural gas constitutes 75% of its production and is sold under long-term contracts with host governments at prices that are not affected if oil prices drop, noting to proceed with the implementation of expansion projects in Kurdistan Region.

The company stated - in a statement posted on the website of the Abu Dhabi Stock Exchange - that gas sales make up nearly half of the company's income, which ensures sustainable revenues even in a low oil price conditions.

"Half the income of Dana Gas comes from selling natural gas under long-term contracts that are not affected by low oil prices. This gives the company a competitive advantage that enables it to take advantage of opportunities available under current conditions," said Patrick Allman Ward, CEO of Dana Gas.

"We are closely monitoring the state of the markets, and we are ready to take appropriate measures to deal with the changes taking place in the markets at the present time ... Noting that the company has a proven record in controlling and reducing costs." He stressed

Of course, the company will look at the different areas, which will enable it to reduce costs further if low oil prices that we are currently witnessing continues. "

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