Dana Gas, one of the largest private natural gas companies in the Middle East, has named former EnQuest executive Richard Hall as its chief executive.
Mr Hall, who will step into the role on November 6, will replace Patrick Allman-Ward, who will stay on as an adviser to the board of Dana Gas, the company said on Wednesday.
Mr Hall previously held the role of chief operating officer at UK-based oil company EnQuest, where he was responsible for maximising value in its global production and development assets and played a key role in its energy transition efforts.
He has also held senior roles in the global petroleum service sector, including co-founding Nio Petroleum in Malaysia, and serving as chairman and chief executive of a Dubai-based private equity-backed company with operations in the oil-rich Kurdistan Region of Iraq (KRI).
“We are … confident that he has the qualifications and skill sets that are needed to drive Dana Gas forward and implement its next phase of development and growth,” said Hamid Jafar, the company's chairman.
Dana Gas reported a 42 per cent drop in its second-quarter profit after net revenue fell due to lower oil prices.
Net profit attributable to equity holders of the parent company for the three months to the end of June declined to $33 million. Net revenue for the period fell by about 30 per cent annually to $71 million.
Oil prices traded lower in the first half, compared with the previous year, amid concerns about a slowdown in the global economy and interest rates.
However, Opec+ supply cuts and signs of an economic rebound in China pushed Brent crude, the benchmark for two thirds of the world’s oil, to the $95-mark last week.
Set up in 2005, Dana Gas has exploration and production assets in Egypt, KRI and the UAE.
The company's overall production in the first half of 2023 averaged 59,800 barrels of oil equivalent per day, a 2 per cent decrease as compared with the same period last year.
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
