Dana Gas Egypt Production Reaches 200 Million SCFD

MarineLink.com
Tuesday, August 27, 2013

Dana Gas, one of  Middle East's leading regional private sector natural gas Company, announces that it has achieved gas production level in Egypt of 200 million standard cubic feet per day (equivalent of 41,500 boepd, including over 8,000 barrels per day of associated liquids), the highest level for the company in the country in 2 years. This represents a growth of 29% over the 2012 average. The Company’s core operations in the Nile Delta and its Egyptian Bahrain Gas Derivatives Company (EBGDCo) Natural Gas Liquids extraction plant in Ras Shukheir remained stable and have not been impacted by the current events in Egypt.

Dana Gas is in discussions with the Egyptian authorities on its capital expenditure plans aimed at further increasing production and at resolving the issue of outstanding payments. This is in line with the Egyptian Government’s efforts to increase local hydrocarbon production to benefit the local population. The company is conducting positive discussions with the relevant authorities and looks forward to an early resolution.

Several projects are ready to be executed in order to further raise the production to a level around 50,000 boepd in the near future. These projects include multi-wells appraisal drilling programmes, adding gas compression facilities for the El Basant field and a new pipeline connecting Salma and Tulip discoveries to the El Wastani Plant. Investments in these important projects can be expedited following the successful resolution of the issue pertaining to long-pending receivables, which are now in the order of $270 million.

Patrick Allman-Ward, General Manager Dana Gas Egypt and incoming Group CEO said, “Egypt remains a core part of our long-term strategy and we remain committed to enhancing production and developing our assets in Egypt. We have successfully drilled and tested three development wells over the last six months and have achieved the production rate of 41,500 boepd, our highest level since August 2011.

“We are working towards further increasing the production to 50,000 boepd in the foreseeable future. This requires further investments in the fields and early resolution of the long-pending receivables will greatly assist in accelerating our capital investment decision. Recent improvements in foreign currency reserves of Egypt and fiscal support being provided by the GCC are positive developments in this regard.”

Dana Gas is among the most active oil and gas investing companies and is the 6th largest gas producer in Egypt. The Company has a successful track record of gas discoveries in Egypt over the last six year and in June 2013, announced its 25th discovery with the Begonia-1 well in the Nile Delta. The Company has invested around $2 billion in Egypt of which a significant portion has been assigned to local contractors. The cumulative gross production of Dana Gas in Egypt is 83 million barrels of oil equivalent and this has generated direct incremental value for the Egyptian economy of $4 billion.


Around 1,000 staff and associates are actively engaged in ensuring safe and stable operations in Egypt, both at the Dana Gas operations and in WASCO, its joint venture operating company with the Egyptian General Petroleum Corporation (EGPC). As a responsible corporate citizen, Dana Gas has undertaken several CSR initiatives in Egypt including renovating and equipping local schools serving several hundred children. The Company has also supported the ‘Skoool’ ESI online portal initiative, Egypt’s top free education portal reached a huge success in the second phase with more than 2.7 million subscribers. In addition, the company contributed to the development of training activities and public awareness on CSR in close cooperation with the National Egyptian Center for Corporate Social Responsibility.

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Respopnds to Sunken Vessel Near Sitka, Alaska

The Coast Guard is responding to the sinking of a fishing vessel in Kelp Bay near Sitka Friday. Coast Guard personnel from Sector Juneau, the Coast Guard

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

Energy

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

News

USCG Respopnds to Sunken Vessel Near Sitka, Alaska

The Coast Guard is responding to the sinking of a fishing vessel in Kelp Bay near Sitka Friday. Coast Guard personnel from Sector Juneau, the Coast Guard

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

MSC Upgrades Europe-West Africa Service

As part of our objective to continually improve our services to customers, MSC is delighted to announce an upgrade to its Angola Express service with a first

Maritime Safety

USCG Respopnds to Sunken Vessel Near Sitka, Alaska

The Coast Guard is responding to the sinking of a fishing vessel in Kelp Bay near Sitka Friday. Coast Guard personnel from Sector Juneau, the Coast Guard

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

Ailing Crewman Medevaced from Cable Lay Ship off US

A crew member reportedly suffering from a heart attack was air lifted by a U.S. Coast Guard helicopter crew from a cable-laying vessel 80 miles west of Coos Bay, Ore.

Government Update

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Australia's New Shipping Laws Threaten Loss of Jobs

The planned changes to Australia’s shipping laws would cause a 93% loss of Australian seafaring jobs a new report says.   More than nine in 10 domestic seafarers

Proposed Shipping Legislation to Jeopardise$100-million Investment in Australia

Australian-owned Bass Strait shipping operator SeaRoad Holdings has warned the Federal Government that its proposed Shipping Legislation Amendment Bill could jeopardise

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4288 sec (2 req/sec)