Dana Gas Receives $53m from Egypt

Posted by Greg Trauthwein
Tuesday, December 24, 2013
Patrick Allman-Ward, Chief Executive Officer of Dana Gas

Dana Gas received from the Egyptian Government authorities $53m from the current total outstanding receivables of  $330m. Payment of $42 million has been received in US dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013, Dana Gas has received a total of $130m from the Egyptian Government authorities. The Egyptian Government has committed to work with the company on a plan to repay the remainder of the outstanding receivables over an agreed time frame.

While Dana Gas has had on-going discussions with the Egyptian authorities to resolve the issue of outstanding payments, it has also been able to increase production for the benefit of the Egyptian economy and its people. Dana Gas Egypt’s gas, LPG, condensate and crude oil production averaged 39,350 boepd in Q3 2013, a significant increase of 29% over the Q3 2012 average production. During Q3 2013, the Company also announced that it reached a record production level of 41,500 barrels of oil equivalent per day “boepd” (including over 8,000 barrels per day of associated liquids).


Dana Gas sponsored and participated in the "GCC-Egyptian Investment Forum" held in Cairo on December 4-5, 2013, co-hosted by the Egyptian Ministry of Investment and the UAE Government. Following this occasion, Dana Gas was honoured to receive a certificate of appreciation from the UAE Ministry of Foreign Affairs.

Patrick Allman-Ward, Chief Executive Officer of Dana Gas, said: “We would like to thank the Egyptian Government for making this payment. We are working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward. An early resolution in this regard will encourage new investments in the Oil & Gas sector in Egypt leading to higher domestic production”.

Dana Gas is among the most active oil and gas companies and is the 6th largest gas producer in Egypt. The Company has invested around $2b in Egypt, making it the GCC’s largest investor in the oil & gas sector in the country. 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 in the Nile Delta. Around 1000 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).

The Company is expecting to bring online production from Salma rich gas wells shortly. Starting 2007, the cumulative gross production of Dana Gas in Egypt to date is around 90 million barrels of oil equivalent and this has generated direct incremental value of US$ 4 billion for the Egyptian economy. The Company is committed towards investing in Egypt, and grow with the context of the promising oil & gas opportunities in Egypt, which has over 70 TCF proven gas reserves and a large domestic market.

 

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

Offshore

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Energy

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

Government Update

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

China Maritime Silk Road to Touch India for Namesake

Chinese officials on Saturday fleshed out some details for the country's ambitious 21st Century Maritime Silk Road (MSR) project in its “one belt, one road,” action plan.

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 Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Sonar
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: 0.2001 sec (5 req/sec)