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28/08/2013 08:53 AST
Dana Gas, the 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 longpending
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 US$ 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 US$ 4 billion.
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). 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.
Press Release
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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 | 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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