Petroleum Africa
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Monday, August 15, 2016
Dana Gas’ is continuing to rein in operational costs given the current industry crisis. Despite this effort the company saw its revenues for H1 drop $53 million over its revenue during the same period in 2015. The company attributes the decline to the price of crude in global markets. While its revenue dropped Dana said this was balanced by its lower G&A and operating costs as well as investment and finance income.
Operationally in Egypt, the company continued its activities under the Gas Production Enhancement Agreement (GPEA). The agreement, signed in 2014, allowed the company to significantly enhance production and gradually recover its outstanding receivables in a phased manner over a three-year period going forward.
To date 17 wells have been drilled as part of GPEA with a further 12 planned over the next two years. Dana said despite a slow start, the program is advancing well.
Dana Gas Egypt delivered average production of 36,550 boepd during Q2, which is an 11% increase on the 33,000 boepd production of Q1.
Besides drilling the company completed the installation of a 17-km of pipeline in the Nile Delta region, linking the Balsam Field to the El-Wastani gas processing plant some three months ahead of schedule. This resulted in an additional production of 4,000 boepd, putting its gas processing plant at full capacity.
On the exploration end the company is participating with BP in the drilling of the Mocha-1 well in the Nile Delta’s El Matariya (Block 3) onshore Concession Area. The well was spud in early May and is to be drilled to a targeted depth of 6,200 meters. Results from the Mocha-1 well are expected in Q4.
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