Contact us | +971 4 3635663
Sponsored by   Mudabala
 
 
BETA
Loading Loading ...
Mon, 09 Nov 2009 | 23:19 GMT
 

Dana Gas rules out impact of global crisis

Emirates Business 24/7
 
 
Emirates Business 24-7, 08 January 2009

Dana GasDana GasLoading... said yesterday it expects strong performance in 2009 on the grounds it has sufficient funds and remained immune to the global financial crisis.

The Middle East's first and largest private-sector natural gas company said there would be growth in both production and operations despite its record performance in 2008, when revenues peaked at Dh901 million in the first three quarters.

"We expect a strong year of growth in both production and operations, building on the company's significant achievements of 2008, when it achieved revenues of Dh901m in the first nine months of the year. Production grew by more than 50 per cent with the start-up of its major gas project in the Kurdistan region of Iraq, and further discoveries in Egypt," said Dana GasDana GasLoading... Executive Chairman Hamid Jafar.

"The company has no exposure to real estate or stock market investments, and is in a solid cash position to fund its project requirements, having raised $1 billion [Dh3.67bn] in a convertible sukuk in late 2007 despite a tightening credit market."

Speaking about the company's achievements and business outlook, Jafar said 2008 was an excellent year for Dana GasDana GasLoading..., and that it would continue to build on its important asset base this year, adding that it already has major plans under way.

"Dana GasDana GasLoading... will continue to implement strategies for growth and expansion, focusing on capturing new opportunities through both acquisition and new project development. This year will see the long-awaited start-up of the UAE gas project and fast-track development of the Zora Gas Field in Sharjah, while our production in the Kurdistan region of Iraq will progressively increase to 300 million standard cubic feet per day. Our recent discoveries in Egypt will also be brought into production, while we continue with further extensive developmental activities in all our projects," he said.

According to a Dana GasDana GasLoading... statement, one of the company's most notable achievements of the year was the delivery of first gas in its major joint project with Crescent Petroleum in the Kurdistan region of Iraq in a record time of 15 months. With an investment of about $650m, the project is the largest private-sector investment in Iraq today and the largest private-sector oil and gas project in the country for several decades, according to the statement.

The delivery of first gas enabled Dana GasDana GasLoading... to announce in November that its production was up by more than 50 per cent, it said.

In its Egypt operations, Dana GasDana GasLoading... made a number of important gas discoveries as part of its extensive drilling campaign for 2008. Most recently the important rich gas discovery last week in its El Basant-2 well, in addition to its oil discovery at El Baraka-2 and gas discoveries at El Basant-1 (El Tawil), with current discoveries already exceeding the target for new reserves in 2008.

"More discoveries in Egypt are expected soon, potentially doubling the company's 2008 reserve base. These results significantly enhance the economics of Dana GasDana GasLoading...'s Egyptian assets, and will add materially to the company's overall gas and petroleum liquids production. In total, Dana GasDana GasLoading... plans to increase total production rate by 76 per cent in 2009, to 68,000 barrels of oil equivalent per day by the end of 2009," Dana said. "The company will be starting the construction of the LPG recovery plant in Ras Shuqair, and will be conducting feasibility studies for other similar projects in Egypt. Dana GasDana GasLoading... also has major plans for its Gas Cities concept and is looking to expand business development of this endeavour."

In the UAE, Dana GasDana GasLoading... signed agreements and completed projects, including its joint venture with EmaratEmaratLoading... to own, manage and operate the Middle East's first common user gas pipeline, the Hamriyah gas pipeline project, which was inaugurated in June 2008.

By Staff Writer

© Emirates Business 24/7 2009

 
 
 
Community Comments (0) - Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
 
 
 
Loading ...
 
Report Abuse
Loading ...
 
 
Loading ...
Zawya Comment Policy:
 
  1. Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
    1.1   Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
    1.2   Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
    1.3   Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
    1.4   Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
    1.5   Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
    1.6   Give the impression that they represent Zawya.
    1.7   Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
  2. The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
  3. Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
  4. By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
 
 
 
 
 
 
 
Post Your Tender Notices for FREE
(No Sign-in Required)
 
 
Oil and Gas Tenders Due Date
Off Plot Construction Contract for Amal Steam Surface Facilities 07Feb10
Supply of Pipe Casings “5” and Digging Pipes 3-1/2, 3-1/2 – “5” Casing 22Nov09
Pre-qualification for EMC Contract 31Dec09
Installation, Operation & Maintenance of Integrated Security System for all company facilities consisting of Two Parts, Part A: Installation and Part B: Provision of Support, Operation & Maintenance 27Nov09
Prequalification for Off-Plot Delivery Contract (ODC) 31Dec09
Mabruk Oil Operations (MOO) invites interested local and international companies (or their representatives) specialized in providing Drilling Fluids Services to submit to MOO their completed Pre-qualification documents, for evaluation and preparation of a bidders list, as MOO intends shortly to issue a Call for Tender for Drilling Fluids Services for its Offshore Al-Jurf Oil Field. 31Dec09
On Plot Construction Contract for Amal Steam Surface Facilities 07Feb10
ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) OF SEA WATER SUPPLY PROJECT AT SOHAR REFINERY 16Nov09
Installation, Operation & Maintenance of Internet Service & Communication Lines - KUWAIT PETROLEUM CORPORATION 09Nov09
INTEGRATED SECURITY SYSTEM FOR ALL KOC FACILITIES 24Nov09
EPIC OF PROVIDING LIGHTING FOR SHELVES IN STORE 51, GAS OPER 09Nov09
CALL-OFF CONT FOR MACH., BAL. & METAL SPRAY AT QP VARI. LOCS 22Nov09
Supply of Computers and Provision of Technical Support Package - Kuwait Petroleum Corporation 13Dec09
SUPPLY & COMMISSION - TRAILERISED AIR CONVEYANCE SYSTEM FOR OIL SPILL OPERATION. 09Nov09
Maintenance of Photocopiers and Accessories - KUWAIT PETROLEUM CORPORATION 06Dec09
VARIOUS WELDING MACHINES, EQIPMENTS AND ACCESSORIES FOR NAKELAT SHIPYARD PROJECT 15Nov09
Qarn Alam Power Station Phase 3 21Nov09
UPGRADE OF UPS SYSTEMS,BATTERY CHARGERS&BATTERY BANKS AT NFA 29Nov09
Shah Gas Field - Development Package 31Dec09
First Project EF/1713 : Construction of Oil and Gas Pipelines at Mina Al Ahmadi To Subiya and Doha Power Stations Second Project EF/1760 : Construction of Pumping Station and Oil and Gas Pipelines at Mina Al Ahmadi To Al Zoor and Shuaiba Power Stations 07Feb10
 »  More Tenders
 
 
 
Community Buzz

Stories

Companies

Most viewed companies by Community in the last 24 hrs
Company Name Country Industry
Consolidated Contractors Company Overseas Construction and Design
Saudi Telecom Saudi Arabia Telecommunications Services
Saudi Binladin Group Saudi Arabia Construction and Design
Saudi Electricity Company Saudi Arabia Electric Utilities
Emirates Aluminium Company UAE Metal Production
Roads and Transport Authority - Dubai UAE Regulatory and Administrative Bodies
Commercial International Bank (Egypt) Egypt Banking
Pepsi Cola International (Middle East) Region-wide Beverages
Dodsal Engineering and Construction UAE Construction and Design
Emirates Telecommunications Corporation UAE Telecommunications Services
 

Projects

Blogs

 
 

 
 
 
 
 

Site is optimised for viewing at 1024 x 768 with Internet Explorer v6 and Firefox v3.0 and above.
Copyright © 2009 ABQ Zawya Ltd. All rights reserved. Please read our Membership Agreement