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Tag: Dana Gas

Crescent Petroleum sees oil reaching $60 this year on demand

Posted: June 27, 2016 at 8:36 pm   /   Oil & Gas

Crescent Petroleum Co., an oil and natural gas producer in Egypt and Iraq, expects crude prices to improve this year as supply becomes more in line with demand. The U.K.’s decision to leave the European Union won’t have a lasting effect on crude prices and London will remain a center for international oil and gas […]

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Dana Gas CEO expects "bumpy road" ahead for oil market as shale sets floor

Posted: June 2, 2016 at 3:08 pm   /   Oil & Gas

• Dana Gas boosts output to 70,000 barrels of oil equivalent/day. • Company plans to cut debt with awards from arbitration case. The oil market is heading for a “bumpy road” with prices close to levels that are profitable for U.S. shale producers, according to Patrick Allman-Ward, chief executive officer of Dana Gas PJSC, which […]

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Dana Gas to drill a gas well in collaboration with BP Egypt as of April

Posted: March 9, 2016 at 7:43 pm   /   Oil & Gas

Dana Gas said the impact of lower oil prices on the company is insignificant, as 90% of its business is focused on the gas sector. “We are maintaining our production level in Egypt,” the company’s CEO Patrick Allan-Ward told CNBC, adding that “We have concluded a gas production enhancement agreement with the Egyptian government.” The […]

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Dana Gas Egypt commits €355 million to E&P over three years

Posted: February 22, 2016 at 3:20 pm   /   Oil & Gas

Despite the state of global energy markets, Dana Gas, the Middle East’s leading privately owned gas company has faith enough in Egypt and the Al-Sisi administration to commit millions in exploration and production (E&P) in the country. Dana is based in the United Arab Emirates, but has assets in Egypt and the Kurdistan Region of […]

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Dana Gas 2015 net profit up by 15%, receivables and production from Egypt decline

Posted: February 15, 2016 at 11:29 am   /   Oil & Gas

Net profit $144 million (AED528 million) despite lower oil prices Cash and bank balance at $470 million (AED1.7 billion) at year-end 2015 Increase in oil and gas reserves and decline in Egypt receivables Total assets up by 8%; positive outcomes in arbitration cases Dana Gas PJSC, the Middle East’s leading publicly listed natural gas company, […]

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Egypt may not meet 2016 target to pay back oil arrears – PM

Posted: February 10, 2016 at 1:20 pm   /   Oil & Gas

Lower oil and gas revenues mean the debt will ‘at least [be reduced] to a very reasonable’ level by end of year, Prime Minister Ismail says. Egypt may miss its target of repaying the $3 billion it owes to foreign oil and gas companies by the end of 2016, the Egyptian Prime Minister said on […]

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Dana Gas Announces New Senior Management Appointments

Posted: January 14, 2016 at 3:03 pm   /   Oil & Gas

Dana Gas PJSC, the Middle East’s leading publicly listed natural gas company, has announced the following key senior management appointments. Chris Hearne was appointed as the Chief Financial Officer of the Company on 4 January 2016.  Prior to joining Dana Gas, Mr Hearne was with Serica Energy plc, an international oil exploration and production company […]

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Dana Gas to cut costs and jobs by half at Head Office, will continue to invest in Egypt

Posted: January 13, 2016 at 2:57 pm   /   Oil & Gas

Abu Dhabi-listed Dana Gas aims to slash its head office workforce by 40 percent and cut general and administrative costs by half between 2015 and early 2016, its chief executive said on Tuesday. The energy company will continue to invest in Egypt and sees its production in the country increasing, Patrick Allman-Ward told reporters on […]

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Dana Gas commences drilling campaign in Egypt

Posted: June 9, 2015 at 9:24 pm   /   Oil & Gas

Dana Gas confirmed that it has commenced drilling the Balsam-2 development well in the Balsam Development lease onshore Nile delta. The Balsam-2 well is being drilled with the 2000 HP Egyptian Drilling Company’s Rig #48 and targets the Qawasim formation at a depth of 3200 m. A slanted and fully cored pilot hole will be […]

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Dana Gas signs participation agreement with BP in Egypt

Posted: June 3, 2015 at 7:51 pm   /   Oil & Gas

– Dana Gas concludes agreement with BP for drilling an exploration well in El Matariya Onshore Concession (Block 3) – Dana Gas to be carried for the exploration well costs – The exploration well expected to spud 1H 2016 Dana Gas, the Middle East’s leading regional private sector natural gas company, is pleased to confirm […]

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