Dana Gas, the Emirati company, has confirmed that natural gas - which represents 75% of the company's production - is sold under long-term contracts with host governments and at prices that will not be affected by falling prices. Oil.
According to the Emirates News Agency, the company stated in a statement that gas sales constitute nearly half of the company's income, which guarantees sustainable revenues even in a low oil price environment.
Patrick Allman Ward, CEO of Dana Gas, said: Half of Dana Gas's income 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.
He stressed: 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 .. He pointed out that the company has a track record in controlling and reducing costs.
Of course, the company will look at different areas, which will enable it to reduce costs further if the environment of low oil prices that we are currently witnessing continues.
He added: At the present time, we will move forward in the implementation of our expansion projects in the Kurdistan region of Iraq, which will contribute to achieving significant growth in the company's production and revenues during the coming years.
