Egypt to Tender for Second LNG Terminal
Egypt will launch a tender for a second liquefied natural gas (LNG) import terminal in the coming weeks, which could help address the country's ongoing energy crisis, a source at the state gas board said on Tuesday. High consumption, along with foreign firms' reluctance to invest in the sector until the government pays billions of dollars it owes, have turned the country from a net energy exporter into a net importer over the last few years. Egypt can export LNG, which is natural gas chilled to minus 162 degrees Celsius into a liquid state, but it cannot import it without installing regasification and storage terminals. The country finalised a long-delayed deal last month with Norway's Hoegh LNG for a floating storage and regasification unit that will allow it to begin LNG imports.
Egypt Tries Harder to Stop Energy Firm Exodus
Egypt is enhancing exploration terms and striving to repay nearly $5 billion it owes to foreign oil and gas producers as it struggles to prevent them fleeing to more promising prospects elsewhere in Africa. Cairo needs them to expand exploration and bring new finds to production if it is to keep the lights on and avoid more civil unrest. But investors are hesitant - Egypt pays them barely enough to cover investment costs. The costing issue has been compounded since the 2011 overthrow of Hosni Mubarak by Egypt's inability to pay foreign firms for existing output and its decision to divert for domestic use the share of gas they normally get to export. The crisis has left BG Group, a major investor which relies on Egypt for almost a fifth of its output, unable to meet export commitments.
Dana Gas Wins Block Offshore Egypt
Dana Gas said it has signed an agreement for the North El Arish (Block 6) Concession Area, offshore the eastern Nile Delta. The 2,980 sq. km block was awarded in April 2013 as part of a competitive bidding process. This is the company’s first offshore block in Egypt, covering water depths from 20 up to a 1,000 m. Multiple play types have already been identified within the acreage and plans for the first exploration phase of four years, which has now commenced, includes seismic acquisition and the drilling of one exploration well.
Dana Gas Receives $53m from Egypt
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.
Dana Gas Inks Adyard Offshore Platform Contract
Middle East’s leading regional private sector natural gas company, Dan Gas, has awarded Adyard Abu Dhabi a subsidiary of Interserve plc, a $17 million contract for the fabrication of an offshore platform for the Zora Field Development Project which spans the territorial waters of Sharjah and Ajman, UAE. The platform is an important element in the overall scope of the Zora project, the aim of which is to extract the reserves from the Zora field through an offshore facility and to transport the reserves via a 35km subsea pipeline to an onshore gas processing facility in Sharjah onshore area.
Dana Gas Revenues Grow 21%
Dana Gas, one of Middle East’s largest regional private sector natural gas company, announces its financial results for the third quarter and nine month ended September 30, 2013 with a net profit of $28 million and $121 million (USD) respectively. Gross revenue for the third quarter was significantly higher at $170 million, an increase of 21% on Q3 2012. Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) was $93 million which was considerably higher by $6 million than in Q3 2012. Net profit remained flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt. Accordingly, the Group posting a net profit of $28 million in Q3 2013 compared to $29 million in Q3 2012.
Dana Gas Egypt Production Reaches 200 Million SCFD
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…
Dana, Crescent Restore LPG Capacity in Kurdistan
Dana Gas PJSC, a Middle East private-sector natural gas company, and Crescent Petroleum, a Middle East’s private oil and gas company, in their capacity as joint operators, have announced the completion of the rebuild of the LPG loading and dispatch facilities at the Kor Mor LPG Plant in Kurdistan Region of Iraq. The reconstruction and upgrading of the loading facilities at a cost of $15 million was carried out following an accident last year by a third party tanker operator, and…
Dana Gas: Record 2013 Production in Egypt
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.
New CEO at Dana Gas
Dana Gas PJSC, a publicly-listed natural gas company in the Middle East, has announced the appointment of Patrick Allman-Ward as the new Group CEO for the company with effect from September 1, 2013. The company, which is listed on the Abu Dhabi Exchange (ADX) and recently announced the successful refinancing of its $1 billion sukuk, conducted an extensive executive search process after the retirement last year of its CEO, Ahmed Al-Arbeed, who remains a Member of the Board. The incoming CEO Dr.
Middle East Natural Gas Firm, DANAGAS, Reports Strong Growth
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, announces financial results for the first quarter ended 31 March 2013. Revenues and gross profit declined during Q1 2013, owing to a conservative cash policy towards capital expenditure and a temporary suspension of Liquefied Petroleum Gas (“LPG”) production in Kurdistan Region of Iraq (“KRI”). Revenues and gross profits are expected to increase as new discoveries in Egypt are brought to production and upon resumption of LPG production in Kurdistan in June 2013 following completion of repairs to the LPG loading bay. Commenting on the results, Dr. “Our…
Dana Gas Expands Presence
Dana Gas, a regional private sector natural gas company in the Middle East, announced a successful bid in the Egyptian Natural Gas Holding Company 2012 International Bid Round that took place on April 18, 2013. The Company has also been prequalified as a non-operator in Lebanon’s first Offshore Licensing Round. The Company was awarded 100% working interest in the North El Arish Offshore (Block 6) concession area. The area is located offshore Nile Delta, in the eastern part of the Mediterranean Sea, in water depths of up to 1,000 meters and covering an area of 2,980 km². The concession has an eight year exploration period comprised of three phases starting with an initial four year exploration period and two additional two year extension periods.