Mubasher: The production of Dana Gas has increased by 6% year-on-year to 68,700 barrels of oil equivalent (boepd) during the first quarter of 2019 from 65,000 boepd in the same period in 2018.

This rise in Q1-19 output was endorsed by the Kurdistan Region of Iraq (KRI), which leapt to 32,750 boepd in the first three months of 2019 from 26,300 boepd in Q1-18.

“This increase was principally due to additional production from the completed debottlenecking project that came on-stream in October 2018 and took gas production in the KRI from 300 MMscf/d to 400 MMscf/d, an increase of over 30%,” according to a press release on Wednesday.

Listed on the Abu Dhabi Securities Exchange (ADX), Dana Gas is the Middle East’s largest regional private sector natural gas UAE company, with exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI), and the UAE.

On a quarterly basis, the UAE gas company registered an increase of 5% in Q1-19 when compared to its output during the period from October to December 2018; this increase reflects a rise in production from the KRI and support by having brought the Balsam-8 well in Egypt on-stream in Q4-18.

“The two major growth projects completed in 2018 – the debottlenecking project in the KRI and the Balsam-8 well in Egypt – have proven to be materially value accretive both operationally and financially,” the CEO of Dana Gas Dr. Patrick Allman-Ward said.

He added: “Our production numbers are up 6% in the first quarter 2019 and we expect this increase in production to have a positive impact on the Company’s revenues since we are now realising gas sales in the KRI and we will be benefiting from the steady increase in oil prices since Q4 2018.”