Egypt, Kurdish Iraq lifts Dana Gas production

SHARJAH, United Arab Emirates, May 16 (UPI) -- Operations in Egypt and the Kurdish north of Iraq helped push production levels up 12 percent year-on-year, Emirati energy company Dana Gas said.

CEO Patrick Allman-Ward said production this year has reached 68,800 barrels of oil equivalent per day, a 12 percent increase from the same time last year.

"This reflects the quality of our assets in Egypt and the Kurdish region of Iraq and provides confidence for additional growth potential going forward," he said in a statement Thursday.

Dana operates primarily in the Nile Delta and offshore areas in Egypt. Overall, its share of production has reached 39,100 barrels of oil equivalent per day.

In the Kurdish north of Iraq, the company saw its quarterly share of production from the Khor Mor field increase to 29,300 barrels of oil equivalent per day.

The company reported a profit gain from the fourth quarter, though first quarter 2014 was 30 percent less than the same time last year.

The company had sought payment for its operations in Egypt and the Kurdish north of Iraq. In its quarterly statement, Dana said it received $3 million for its Egyptian operations but no payments from the Kurdistan Regional Government.