Dana Gas hits production landmark of 70,000 boed
Dana Gas has announced that as a result of the ramp up of production from its de-bottlenecking project in the Kurdistan region of Iraq, its group production reached 70,000 barrels of oil per day (boepd) on November 19, and has since been sustained above that level.
The company's principal operations are in the Kurdistan Region of Iraq (KRI) and Egypt, where the drilling of the Balsam-8 well has also led to a sharp increase in overall production. Current group production, in excess of 70,000 boepd, represents a significant increase compared to the company's nine month 2018 average of 62,250 boepd.
"Production in excess of 70,000 barrels oil equivalent per day is a great achievement for Dana Gas. At the start of the year, we planned a drilling programme in Egypt and a de-bottlenecking project in the KRI that would significantly increase production. We have successfully delivered both projects. The increase in production will help offset the lower realised hydrocarbon prices that have impacted the oil industry in the last quarter and support growth in our revenue and net profit figures for the full year 2018 and beyond," said Dr Patrick Allman-Ward, CEO of Dana Gas.
"We remain excited about the long-term future of our world-class assets in the KRI. Further investment is underway to double current production to 900 MMscf/d over the coming three years, together with an increase in condensate to 36,000 bpd and LPG to 1200 MTpd," he said.
In the fourth quarter 2018, Dana Gas Egypt completed the drilling of the Balsam-8 well and tied it in to the network. The well was completed ahead of schedule and under budget, adding over 5,000 boepd to the company's output. In the KRI, the company announced a 30 per cent increase in production capacity at the Khor Mor field, which it jointly operates on behalf of Pearl Petroleum.
The expansion of the gas processing plant consisted of a series of plant additions and modifications to de-bottleneck throughput, raising output capacity from 305 MMscf/d of natural gas to 400 MMscf/d, with over 15,000 barrels per day of condensate. This is expected to add up to $50 million annually to the top line without incurring any additional operational costs.
Over the past three months, the Covid-19 crisis has significantly... READ MORE
The total number of licences issued in the UAE in May reached 648,684. READ MORE
46 per cent of UAE residents had indicated that life insurance is... READ MORE
Rakez holding company formation starts from Dh10,535. READ MORE
UAE carriers are scheduled to operate flights to around 36... READ MORE
The new guidelines are based on the recommendations of the Covid-19... READ MORE
The ban, which comes into effect from Tuesday, June 2, will be in... READ MORE
It was the first time a privately built and owned spacecraft carried... READ MORE