GulfBase Live Support
17/07/2013 10:18 AST
Dana Gas PJSC, the 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.
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Gulf stock markets were generally little changed on Sunday, though Abu Dhabi’s Dana Gas surged on news of plans for its first annual dividend for several years.
The Abu Dhabi index rose 0.
The Gulf Today
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
Ticker | Price | Change |
---|---|---|
PETRORABIGH | 25.42 | 0.41 (1.63 |
BAHRI | 31.56 | -0.29 (-0.92 |
TAQA | 0.85 | 0.00 (0.00 |
ADNOCDIST | 2.64 | 0.07 (2.72 |
ALDREES | 26.08 | -0.31 (-1.18 |
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