Dana Gas

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Type Public Limited Company
Traded as ABU:DANA
Founded 2005
Headquarters Sharjah, United Arab Emirates
Key People Rashid Saif Al Jarwan (Executive Director and Acting CEO)
Revenue US $636 million (2012)[1]
Net Income US $165 million (2012)[2]
Total Assets US $3.5 billion (2012)[3]
Employees About 500 (2013)[4]
Website www.danagas.com/en/

Global Snapshot

Dana Gas is a private sector natural gas company active in Egypt and the Kurdistan Region of Iraq. Dana Gas’ primary area of activity is in the upstream sector (exploration and production) but also operates in the midstream and downstream sectors, especially where they add value to its upstream activities. The company has a geographic focus on the Middle East, North Africa and South Asia, according to its website.[5]

The company was established in 2005 with more than 300 founder shareholders from across the Gulf Cooperation Council (GCC) region.[6]

Company Report Highlights

Dana Gas produced some 65,000 barrels of oil equivalent per day of oil, gas and natural gas liquids, as of mid 2013, from its operations in Egypt and the Kurdistan Region of Iraq. The company has proved plus probable reserves of 152 million barrels of oil equivalent and a resource potential of some 900 million barrels from its acreage in Egypt and Iraq. According to its website the company is targeting a doubling in production over the 2011 – 2013 period from its 2010 average of 55,500 barrels of oil equivalent per day.[7]

Dana Gas' full year results for 2012 reveal that the company's net profit increased by 20 percent to US$165 million from US$138 million in 2011, reflecting higher realized oil prices and optimized cost management in 2012.[8] Gross revenues were slightly lower at US$636 million compared to US$690 million in 2011, reflecting the conservative cash policy implemented by the company in Egypt, given the delays in collection of receivables, and also temporary suspension of liquefied petroleum gas (LPG) production in Kurdistan Region of Iraq following the damage to the LPG loading bay by a third party LPG tanker accident in June 2012. The company reported that it expects its revenues to increase once new discoveries in Egypt are brought to production and the Kurdistan LPG loading bay is repaired by mid 2013.[9]

The company is listed on the Abu Dhabi stock exchange but according to the International Financing Review, the Dana Gas is seeking a listing on the London Stock Exchange due to the "the lack of liquidity and oppressive regulatory regimes at home."[10]

Global Reputation

What Dana Gas says about its corporate citizenship

The 'Sustainable Business' section of the Dana Gas website states that "sustainability is about creating value for our stakeholders and we are committed to providing economic and social benefits in the communities in which we operate."[11] The company states that its corporate social responsibility (CSR) contributions in Egypt and Iraqi Kurdistan are typically focused on the environment, education, sports, health and sustainable community businesses.[12]

What others say about Dana Gas' corporate citizenship

External memberships and rankings

EITI Supporter Status

Dana Gas is not a supporting company of the Extractive Industries Transparency Initiative.[13]

UN Global Compact

Dana Gas is not a member of the UN Global Compact initiative.[14]

Global Operations by Country

Egypt

Main article: Dana Gas Operations in Egypt

References

  1. Dana Gas Records Net Profit Growth in 2012 (UAE)" Offshore Energy Today.
  2. Dana Gas Records Net Profit Growth in 2012 (UAE)" Offshore Energy Today.
  3. Fourth Quarter & Full Year Results 2011" BG Group plc.
  4. Sustainability Report 2011" BG Group.
  5. "Overview", Dana Gas website, retrieved 11 June 2013.
  6. "Overview", Dana Gas website, retrieved 11 June 2013.
  7. "Overview", Dana Gas website, retrieved 11 June 2013.
  8. Dana Gas Records Net Profit Growth in 2012 (UAE)" Offshore Energy Today.
  9. Dana Gas Records Net Profit Growth in 2012 (UAE)" Offshore Energy Today.
  10. Another Gulf firm seeks a London ticker" International Financing Review.
  11. "Sustainable Business", Dana Gas website, retrieved 11 June 2013.
  12. "CSR", Dana Gas website, retrieved 11 June 2013.
  13. "Stakeholders", EITI, retrieved 10 June 2013.
  14. "Overview", UN Global Compact, retrieved 11 June 2013.