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.