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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Energy

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

Security Threat in Yemen Shuts CNOOC's Nexen Facility

CNOOC Ltd's Nexen unit is shutting operations at an oil field and processing facility in Yemen due to a security threat, a Nexen spokeswoman said on Sunday.   The

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Maritime Safety

NZ Report: Human Error to Blame for Rena Grounding

New Zealand's Transport Accident Investigation Commission (TAIC) published its final report into the grounding of containership Rena in October 2011. The TAIC’s

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

NOAA: US to See More Floods from Sea Level Rise

Most of U.S. coast may see 30 or more days a year of floods up to 2 feet above high tides. By 2050, a majority of U.S. coastal areas are likely to be threatened

Government Update

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2492 sec (4 req/sec)