Gulf Oil and Gas accountACCOUNT

Dana Gas Receives $20M from Egypt

Source: www.gulfoilandgas.com 12/18/2018, Location: Africa

Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has received $20 million (AED 73m) from the Egyptian Government in Egyptian pounds. Total receipts from Egypt has reached $152 million for the year. The Company understands that a further payment is planned to be made in US$ before year-end.

Dr Patrick Allman-Ward, CEO, Dana Gas, said:

"We are encouraged by this latest payment and we are looking forward to further payments before year end which will enable Dana Gas to proceed with its plans to drill the Merak deepwater exploration well, one of several prospects in the Block 6 North El Arish Concession Area with high potential".

The Company is currently focused on drilling its first deepwater exploration well in the North El Arish Offshore (Block 6) Concession area in 2019 and final preparations are underway. It recently completed the drilling of the Balsam-8 production well and has tied it into the pipeline network. The well was completed ahead of schedule and under budget, adding over 5,000 barrels of oil equivalent per day "boepd" to the Company's output. Last week, the Company announced group production reached 70,000 boepd on the 19 November and has since been sustained above that level, representing a significant increase compared to the Company's 9M 2018 average of 62,250 boepd.

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

Financials and Investment News in Egypt >>

United Kingdom >>  3/22/2019 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has provided an operational and financial update. ...
Russia >>  3/21/2019 - Ain-listed PetroNeft, an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50 percent owner and ope...

United Kingdom >>  3/20/2019 - Union Jack Oil plc, a UK focused, onshore oil and gas production company, has conditionally raised 1.75 million by way of a placing and subscription,...
Nigeria >>  3/14/2019 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce...

Turkey >>  3/14/2019 - Valeura Energy, the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation in the Thrace Basin of Turke...
Venezuela >>  3/8/2019 - ConocoPhillips (COP) announced that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of...

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 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

Oil & Gas Projects in Egypt >>

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.