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Dana Gas Achieves 12% Growth in Production in Q1 of 2014

Source: www.gulfoilandgas.com 5/15/2014, Location: Africa

Dana Gas’s average quarterly net production from Egypt and KRI was 68,800 boepd, a year-on-year increase of 12% (Q12013: 61,400 boepd).

The Company has rationalized its Egyptian portfolio of assets, concentrating on its most commercial and long-term production growth opportunities in the Nile Delta and offshore Eastern Mediterranean.

The process has seen Dana Gas complete major new field tie-in work, which together with maintenance and debottlenecking work in the El Wastani Plant, will increase output capacity by 25% to 200mmscfd (an increase equivalent to 6,650 boepd) and contribute 10% to overall group production. This has been a key factor in the country’s producing assets increasing their output to 39,100 boepd, a 17% increase on its 33,400 boepd production in Q1 2013.

Dana Gas was also awarded a new Development Lease called Balsam following the discovery made in 2012, whilst simultaneously increasing its El Basant Development Lease (to cover the Allium discovery), jointly located in the West El Manzala Concession.

It has also secured an increase to its Sama Developments in the West Al Qantara Concession to include the West Sama discovery. Through Dana Gas’ comprehensive gas pipeline network and available processing plants, the Allium and West Sama discoveries have already been brought on-stream in a very short space of time.

As part of this rationalization process, Dana Gas sold its entire 50% holding in the Komombo concession to Mediterra Energy for $6.3 million in cash plus working capital adjustments. The transaction is expected to be completed in the second quarter of 2014.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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