Dana Gas’s results of operations for the first half of 2023 showed a 25% decline in profits compared to the same period last year, due to falling oil prices.
Today, Wednesday, August 9 (2023), Dana Gas, the largest private natural gas company in the Middle East, announced its financial results for the first half ending June 30, 2023.
Dana Gas’ business results for the first half of 2023 recorded a net profit of 304 million dirhams ($83 million), compared to 407 million dirhams ($111 million) in the first half of 2022.
And come back Report The company’s profit fell 25% in the first half of the year due to a drop in the average price of Brent crude oil to $80 a barrel in the first half of 2022 from $107 a barrel.
The decrease comes at a time when other oil companies operating in the region have halted their oil production due to additional discounts on condensate sales in Iraq’s Kurdistan region and as the company began selling condensate to non-governmental parties.
Dana Gas Revenue
Dana Gas’ business results for the first half of 2023 saw a 22% decline in the company’s revenue to 814 million dirhams ($222 million), compared to 1,041 million dirhams ($284 million) in the same period in 2022.
The company attributed the decline in prices to lower global oil and gas prices, as the average selling price for the January-end-June period was $56 per barrel of condensate and $37 per barrel of oil equivalent. Liquefied petroleum gas compared with $87 and $44 per barrel in the first half of 2022, respectively.
Increasing the company’s production in Iraq’s Kurdistan region and reducing operating costs by 15% had a positive impact on mitigating the impact of low oil prices, as indicated by Dana Gas’s report of business results for the first half of 2023. Through special energy platform.
Pearl Petroleum recently received $101 million from the Kurdistan Regional Government.
Discussions are ongoing with the Kurdistan Regional Government of Iraq to pay all dues as soon as possible.
Unlike other operators in Iraq’s Kurdistan region, Pearl Petroleum’s production operations have continued uninterrupted because its products are consumed locally.
Dana Gas CEO, Dr. Patrick Allman-Ward said: “Dana Gas’ business results for the first half of 2023 reflect the challenging environment faced by hydrocarbon producers amid lower average global oil prices.”
Regarding Dana Gas’ results of operations in the first half of 2023, he added: “To face this decline in energy prices, the company focused on increasing production, reducing operating costs and collecting arrears from the governments of Egypt and the Kurdistan Region of Iraq.”
He indicated that the company is optimistic about the positive impact this could have on the company’s financial results for the rest of the year, with the continuation of the upward trend in oil prices recently.
Dana Gas Production
In the report on the results of the business of Dana Gas in the first half of 2023, the company’s production was 59.8 thousand barrels of oil equivalent per day, which is a decrease of 2% compared to 611 thousand barrels of oil equivalent per day in the first half. 2022.
This came as the rate of production in Egypt fell more than the increase achieved in Iraq’s Kurdistan Region.
The production rate in Egypt has decreased by 12% as a result of a natural decline in the production of fields, thanks to efficient management of reserves and improving production from currently operating wells.
The results of Dana Gas’ operations in the first half of 2023 show a 6% increase in production in Iraq’s Kurdistan region, reaching 36.4 thousand barrels of oil equivalent per day, compared to 34.5 thousand barrels of oil equivalent per day. During the same period in 2022.
The rise was due to the completion of a disruption program that added 50 million cubic feet to the company’s daily production in January, according to Dana Gas’s business results report for the first half of 2023.
During the second quarter, partial maintenance works at the Khor Mor plant were successfully completed without any health, safety, security and environmental incidents occurring, which naturally had a temporary impact on the plant’s production capacity during the maintenance period.
“Bearl Petroleum” completed the drilling of 6 wells of the “Core More 250” project, and upon completion, the project will add 250 million cubic feet to the station’s total production capacity, reaching 750 million standard cubic feet. day
Dana Gas Dues
The results of Dana Gas’ business for the first half of 2023 revealed that the company’s cash flow levels were stable at 370 million dirhams ($101 million), including 301 million dirhams ($82 million) held with Pearl Petroleum.
The company collected a total of 388 million dirhams ($106 million) in the first half of 2023, with 293 million dirhams ($80 million) received from the Kurdistan region of Iraq, and it received 95 million dirhams ($26 million). From Egypt.
At the end of the first half of 2023, the company had 356 million dirhams ($97 million) in the Kurdistan Region of Iraq and 150 million dirhams ($41 million) in Egypt.
In May, the company received regulatory approval to raise the ceiling on foreign ownership of its shares, which repealed the requirement that UAE nationals hold no less than 51% of the capital, in line with the provisions of the New Business Companies Law. Companies operating in the country.
Foreign investors can hold up to 100% of the company’s shares after the maximum foreign ownership does not exceed 49%, a decision approved by the company’s shareholders during the annual general assembly meeting held on April 26.
Gas production in Egypt
On the other hand, Dana Gas, listed on the Abu Dhabi Stock Exchange, is awaiting the approval of the Egyptian Parliament in the coming months of the deal it recently signed with the Egyptian Natural Gas Holding Company (EGAS). Drilling of wells also converted economic reserves.
With the agreement, the company seeks to increase its investments in Egypt past two billion dollars by 2023 by adding 11 new wells.
Dana Gas has reached an agreement with the Egyptian company EGAS that will consolidate the company’s existing concession contracts in the Nile Delta region, allowing for further investments and access to hydrocarbon resources that were not economically viable under the old terms.
The next two years will include the drilling of 6 exploratory wells and 5 development wells, with a total investment of about $100 million, which will add 80 billion cubic feet of reserves.
The company currently has 4 concessions in Egypt and is seeking to combine them into one concession in a deal awaiting approval by the House of Representatives.
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As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.
Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.
In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.
Here’s a full rundown of the new AI features Meta brings to Instagram:
– New photo editing tools in the Instagram app:
Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.
Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.
– AI-generated stickers for use in direct messages:
Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”
AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.
– Interactive AI bots – or characters:
In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI characters will have their own profiles on Instagram and Facebook.
– Creators will be able to build their own robots in the future:
“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”
Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.
Economic data released today on Friday showed that the euro zone’s core inflation rate fell to its lowest level in nearly a year this month, bolstering expectations that the European Central Bank will keep interest rates on hold at its next meeting to assess. The consequences of an unprecedented campaign to raise interest rates throughout the past.
European statistics agency Eurostat reported today that sales, excluding highly volatile items such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News had expected a drop of 4.8%, compared with 5.3%. In the month, in the past.
At the same time, the headline inflation rate eased to 4.3% this month from 5.2% last August, the lowest level in nearly two years and well below expectations, thanks to a fall in energy prices. Accelerating rate of rise in prices of services.
The data released today is a strong indication that core inflation, a key measure for the central bank’s monetary policymakers, is on a downward path following a period of statistical deterioration over the summer months.
Despite the decline, general and core inflation rates have been more than twice the central bank’s target of 2% annually.
At the same time, there is a wide disparity in inflation rates between the euro zone’s twenty member states, with the inflation rate in Germany falling to its lowest level in two years this month, while the rate in Spain rose by more than 3. % again.
The current September consumer price inflation rate showed a new decline, reaching its lowest level in more than a year and a half, with the Italian statistics office saying the inflation rate fell to 5.3 for the current month. % y/y compared to 5.4% last month, while the core inflation rate, excluding highly volatile food and energy prices, fell to 4.6% this month, down from 4.8% last month.
Mark Zuckerberg, CEO of MetaPlatforms, has introduced a group of new products powered by artificial intelligence, including smart glasses that can answer questions and broadcast live on Facebook, as well as “bot” programs to create images and an advanced headset for virtual reality. .
Zuckerberg described the products as bridging the virtual and real worlds, and asserted that low-cost or free artificial intelligence in what Meta offered could be integrated into daily routines.
The MetaQuest virtual reality headset is one of the most popular in the burgeoning virtual reality industry, and company executives described it as the best value in the industry, marking the imminent launch of an expensive headset from Apple.
Speaking from the central courtyard at Meta’s sprawling campus in Silicon Valley, Zuckerberg said Meta’s new generation of Ray-Ban smart glasses will launch on October 17 for $299.
The device will have a new assistant from Meta that works with artificial intelligence and will be able to live-stream what the user sees on Facebook and Instagram, a feat compared to the previous generation’s ability to take pictures.
Earlier during the presentation, Zuckerberg said that the latest mixed reality headset (Quest) will start rolling out on October 10.
Zuckerberg’s statements came at the MetaConnect conference, the social media company’s biggest event of the year and the first to be held in person since the start of the Covid pandemic.
It launched the first consumer-oriented generative artificial intelligence products, in which a chatbot (meta AI chatbot) can generate text responses and realistic images.
Zuckerberg emphasized: “It’s not just about answering inquiries. It’s about helping people do things for entertainment and interacting with the people around you.”