Dana Gas expands operations and investments in Egypt
Dana Gas, the Middle East’s first private sector regional natural gas company, announced its intention to expand its gas operations and investments in Egypt’s growing natural gas industry. The company is associated in the leading conference for the natural gas industry in Egypt, INTERGAS V, which is held between 12th - 14th May 2009 in Cairo.
Recognized as the largest energy trade show for the Egyptian natural gas industry, INTERGAS V is attended by the leading international energy companies and expects more than 800 delegates with an interest in Egypt’s oil, gas, and petrochemicals sectors.
The opening ceremony featured remarks by Egyptian Minister of Petroleum Sameh Fahmy and Azerbaijan’s Minister for Industry and Energy Natik Aliyev and a keynote speech by Dr Hany El-Sharkawi, President Dana Gas Egypt.
"Dana Gas is proud to be a major gas producer in Egypt, and is firmly committed to expanding its operations and investments in the growing Egyptian natural gas sector,” said Mr. Ahmed AlArbeed, Chief Executive Officer. “Through wise leadership and good energy policies, Egypt has doubled its natural gas reserves in the last five years to over 70 trillion cubic feet, and now produces more gas than oil and is already among the world’s top ten exporters of LNG.” AlArbeed added.
INTERGAS is the most important energy annual event in Egypt, and presents an excellent networking opportunity for all involved in the sector, and for companies and the Egyptian government to come together to examine and discuss opportunities moving forward, and we are proud to be involved in an event of this calibre.”
Dr. Hany Elsharkawi, President Dana Gas Egypt, added: “Egypt benefits from a large and growing domestic market for natural gas, as well as export schemes through both LNG and pipeline. We at Dana Gas are firmly committed to pursuing further gas investments in Egypt, in partnership with the national Egyptian companies and other energy companies from the region and internationally.”
Dana Gas, listed on the Abu Dhabi Stock Market, is currently the 6th highest gas producer in Egypt. The firm recently announced an increase in production through its El Wastani gas plant in the Nile Delta region of Egypt to 170 million standard cubic feet of gas per day (MMscfpd), after successfully bringing the El Basant field on stream on 31st March 2009. Dana Gas’s total production in Egypt is now running at 35,000 barrels of oil equivalent per day (boepd), a 20% increase on the average rate achieved during 2008, with a target of 40,000 boepd for the end of 2009.