Jadwa stressed that Saudi oil production — now reported at nine million
barrels per day — has not risen significantly since 1980. The report did
not envision any sustained oil increase over the next decade, Middle East Newsline reported.
Meanwhile, a leading Gulf energy company has reported a sharp
increase in profits in 2011.
Dana Gas, located in the United Arab Emirates, reported a net profit of
124 million dirham [$33.7 million] during the second quarter of 2011. The
company, based in Dubai,
said this marked a 276 percent increase over the same period in 2010.
"This excellent outcome is driven by the 20 percent increase in
production from Egypt and the Kurdistan region of Iraq and consequent
increase in revenues accompanied by our tight control of costs throughout
the organization," Dana Gas chief executive officer Ahmed Al Arbeed said.
Hydrocarbon sales increased to 627 million dirham [$170.7 million] and
reached 341 million dirham [$92.8 million], an increase of 46 and 90
The company also reported a 20 percent production rise in company operations
in Egypt and northern Iraq.