Dana Gas expects to increase production to 70,000 barrels per day

The company's average production is currently estimated at around 65,000 barrels of oil per day (bpd), expected to increase to 70,000 barrels per day by the end of this year as the company's projects continue in Egypt and the Kurdistan region of Iraq, said Patrick Alman Ward, chief executive of Dana Gas.

In an interview with the UAE's Al Bayan newspaper, Patrick said the company's current production rate in the Zawra gas field is 1,400 barrels per day equivalent to the end of the first quarter of this year.

He said that Dana Gas is in the process of implementing additional plans to increase the production of Pearl Petroleum in the Kurdistan region by 170% by 2021, which will contribute to increase the total daily production capacity of the field, "Khormor" by 580 million standard cubic feet of gas, And 20 thousand barrels of condensate per day, while in Egypt will begin drilling work offshore in Sector (6) early next year 2019.

Dana Gas's Chief Executive Officer said the company's cash flow was $ 636 million.

Patrick added that the company has a low debt rate, not exceeding 0.3%.

He pointed out that the agreement reached with the sukuk holders will also lead to a reduction in financing costs, which will positively affect the results of the company by the end of 2018, expecting the completion of the issuance of new sukuk after the end of the restructuring process by the end of July.

Article Credit: https://economy-news.net/
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