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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Maritime Safety

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Ailing Mariner Medevaced off Alaska

An ailing crewmember aboard the fishing vessel Seafreeze Alaska was medevaced approximately 195 miles north of Cold Bay, Alaska, Thursday.   A Coast Guard Air

More than 2,000 Migrants Rescued at Sea -Italy Coastguard

Ship crews pulled more than 2,000 migrants from overcrowded boats in the Mediterranean on Friday, Italy's coastguard said, as people smugglers stepped up operations

Government Update

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Austal Delivers LCS 8 to US Navy

Austal Limited (Austal) (ASX:ASB) delivered the future USS Montgomery (LCS 8) to the U.S. Navy, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile, Alabama, USA on 23 June.

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1537 sec (7 req/sec)