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Dana Gas is confident that new gas output from its Egypt acreage will more than offset natural declines in coming years, and that its receivables bill will finally be wiped out before the end of the decade.
The firm says “production decline in Egypt followed a steady and predictable downward curve associated with field decline. This was partially reversed when Balsam field production and well completions were brought onstream in Q4 2015.”
For the year, Dana posted 2015 Egyptian output of 33,900 barrels of oil equivalent per day (boe/d) compared to 39,000 boe/d in 2014. Around 80% of this output is gas: some 163mn cfd for 2015, around 50mn cfd down on record 2011 output of 213mn cfd. (CONTINUED - 565 WORDS)