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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Energy

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Concordia Expected to Reach Genoa Saturday

The Crowley Maritime Corp. subsidiary TITAN Salvage and partner Micoperi have confirmed that the Costa Concordia – the Concordia class cruise ship that wrecked along shores of Giglio Island,

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Maritime Safety

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Hyundai Heavy Industries Develops HiCASS

Hyundai Heavy Industries Co., Ltd. (HHI) announced today that it developed Hyundai Intelligent Collision Avoidance Support System (HiCASS) for the first time in

USCG to Assist Jamaica with MRO

Jamaica’s readiness for Mass Rescue Operations (MRO) in its maritime space will be boosted July 22-24, 2014 with the assistance of a subject matter expert from the U.

Government Update

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Oil Companies Bidding for Blocks in Colombia

Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3038 sec (3 req/sec)