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Wednesday, July 17, 2013
Dana Gas has achieved record production in Egypt. The company’s production is now sitting 39,000 boepd, including 190 Mmscf/d of gas and 8,500 barrels of liquids per day. Helping the company achieve its production record is the substantial amount of capital expenditure investments it has made in its Nile Delta operations over the last 18 months. These include new compression facilities, new fields being brought onstream, 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 Begonia-1 discovery announced in June 30 is ready for development and Dana has submitted its proposed development plan to the Egyptian authorities. The submission remains on track and following approvals, gas from the Begonia-1 will be tied into the existing gas gathering and production system.
As for its overdue receivables from the Egyptian government Dana said it is continuing to work with relevant government authorities. During Q1 2013, Dana Gas collected $41 million with a 100% revenue collection.
The company’s core operations in the Nile Delta and its Egyptian Bahrain Gas Derivatives Co. (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.
Dr Patrick Allman-Ward, GM 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 program for the second half of 2013 and we hope to be able to implement this successfully.”
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