Dana Gas, the Sharjah-based regional private sector natural gas company said yesterday its total investment in Egypt has exceeded $1.8 billion while announcing it had achieved record production this year in Egypt of 39,000 barrels of oil equivalent per day.
The production in Egypt includes 190 million metric standard cubic feet a day (mmscfd) of gas and 8,500 barrels of liquids per day, Dana Gas said in a statement.
“The company has made substantial capital expenditure investments to its Nile Delta operations over the last 18 months. These include new compression facilities, new fields being brought on stream and work to increase its numerous gas plants throughput. As a result of investments made since February 2012, production levels have increased 13 per cent over 2012. The average output year-to-date has been 34,000 barrels of oil equivalent per day,” it added.
Dr Patrick Allman-Ward, General Manager of Dana Gas Egypt and designated CEO, commented: “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.”
Dana Gas is among the most active oil and gas investing companies and has grown to become the 6th largest gas producer in Egypt.
Dana Gas made a net profit of Dh241 million in the first quarter of 2013, up 17 per cent from a year ago, the Abu Dhabi-listed energy company said in May.
But revenue and gross profit fell during the first three months of 2013, because of a conservative capital expenditure policy and a temporary suspension of liquefied petroleum gas production in the Kurdistan region of Iraq. Revenue dropped 20 per cent to Dh557 million.
The stock of Dana Gas on the Abu Dhabi securities Exchange yesterday closed 1.69 per cent higher at Dh0.60.