Dana Gas: Record 2013 Production in Egypt

Marinelink.com
Tuesday, July 16, 2013
  •   Peak Production of 39,000 boepd, an increase of 13% over 2012
  •   Dana Gas Egypt operations and production remains unaffected
  •  Total investments in Egypt exceeds US$1.8 billion
  •  Ongoing discussions with regulatory authorities to improve receivables, increase capital expenditure and enhance production



Dana Gas PJSC, one of   Middle East's leading regional private sector natural gas company, announces that it has achieved record production in 2013 in Egypt of 39,000 barrels of oil equivalent per day, including 190 mmscfd of gas and 8,500 barrels of liquids per day.   


The Company has made substantial capital expenditure investments to its Nile Delta operations over the last 18 months. These include new compression facilities, new fields being brought on stream and work to increase its numerous gas plants throughput. As a result of investments made since February 2012 production levels have reached a peak of 39,000 boepd, an increase of 13% over the year 2012. The average output year-to-date has been 34,000 boepd.


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 have not been impacted by the current events in Egypt. However, the Company continues to closely monitor developments.


Dana Gas announced the Begonia-1 discovery on 30 June and has submitted a proposed Development Plan to the Egyptian authorities as part of a Development Lease application. The submission remains on track and following approvals, gas from the Begonia-1 will be tied into the existing gas gathering and production system.


Dana Gas continues to engage with relevant government authorities regarding its overdue receivables and its future capital expenditure plans. It welcomes and actively supports the Government’s desire to increase local hydrocarbon production in order to meet growing domestic demand. Discussions of fiscal support by the international community will also play a significant role in addressing investment decisions by key international investors. During Q1 2013, Dana Gas collected US$41 million with a 100% revenue collection.


Dr Patrick Allman-Ward, General Manager of Dana Gas Egypt and designated CEO, said: “Our Egyptian operations continue to perform well despite the difficult fiscal environment oil and gas companies have faced in the country over the last two years. We have made four successful discoveries over the last year and increased our local production significantly.  


“The recent important announcements of significant financial support for Egypt’s from a number of GCC states coupled with the government’s desire to increase local gas production dramatically, is favourable to companies such as ours. We are also talking with the government to resolve the outstanding receivables situation as quickly as possible. In addition, we have planned a multi-well appraisal drilling programme for the second half of 2013 and we hope to be able to implement this successfully.”


Dana Gas 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-1well in the Nile Delta. Total investments by Dana Gas in Egypt have exceeded US$1.8 billion.
 

Dana Gas is among the most active oil and gas investing companies and has grown to become the 6th largest gas producer in Egypt. The company remains committed to making investments that will bring benefits to both the company and the country.

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

People & Company News

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

TDDCL Seeks Input for New Repair Yard

Trinidad Dry Dock Company to develop new ship repair yard at Port of Spain; company requests Expressions of Interest for Environmental Impact Assessment and Geotechnical

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Offshore

Nations Convene for Arctic Maritime Discussion

Citing an increasing need to ensure safety, security and stewardship of Arctic waters, member countries of the Arctic Council gathered at U.S. Coast Guard Headquarters

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

Energy

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

News

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

Washington State Ferry Tacoma Returns to Service

Washington State Ferry M/V Tacoma will return to work on the Seattle/Bainbridge Island route starting March 28 after suffering electrical damage last summer.   The

TDDCL Seeks Input for New Repair Yard

Trinidad Dry Dock Company to develop new ship repair yard at Port of Spain; company requests Expressions of Interest for Environmental Impact Assessment and Geotechnical

Offshore Energy

Nations Convene for Arctic Maritime Discussion

Citing an increasing need to ensure safety, security and stewardship of Arctic waters, member countries of the Arctic Council gathered at U.S. Coast Guard Headquarters

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.2702 sec (4 req/sec)