Sunday 16 December 2018

Dana Gas announces key Egyptian condensate sale

SHARJAH , March 4, 2018

Dana Gas, the Middle East’s largest regional natural gas company, said has it has netted a total of $10.4 million in February 2018 from the sale of 157,200 barrels of El Wastani condensate at an average price of $66.5 per barrel.

The sale marks the fourth cargo of Egyptian condensate since the start of 2017, said a statement from the UAE-based company.

Last year, Dana Gas sold three shipments for a total receipt of $21 million.

The shipments are part of the Gas Production Enhancement Agreement signed with the Egyptian government as a mechanism to help pay down the overdue receivables, it added.

A leading oil firm listed on the Abu Dhabi Securities Exchange, Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 67,600 boepd in 2017.-TradeArabia News Service

Tags: Egypt | Dana Gas |

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