Dana Gas sees record production in Egypt
Sharjah, July 16, 2013
UAE-based Dana Gas, a leading regional private sector natural gas company, said it has achieved record production in 2013 of 39,000 barrels of oil equivalent per day in Egypt.
The production includes 190 mmscfd of gas and 8,500 barrels of liquids per day, said a statement.
The company has made substantial capital expenditure investments along the Nile Delta over the last 18 months, including new compression facilities, new fields being brought on stream and work to increase its numerous gas plants throughput.
The 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, said the company.
It announced the discovery of Begonia-1 well recently and has submitted a proposed development plan to the Egyptian authorities as part of a development lease application, it said.
Dana Gas said it collected $41 million in the first quarter of this year, with a 100 per cent revenue collection, while it continues to engage with government authorities regarding its overdue receivables and future capital expenditure plans.
Dr Patrick Allman-Ward, general manager and CEO of Dana Gas Egypt, 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 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,” said Dr Allman-Ward.
Dana Gas is among the most active oil and gas investing companies and has grown to become the sixth largest gas producer in Egypt. - TradeArabia News Service