Dana Gas reported an 8% increase in overall production across its KRG and Egypt asset base, reaching 64,700 barrels of oil equivalent per day (boe/d) in 2013, compared with 2012 levels of 59,800 boe/d. Production in 2013 was still 2.3% lower than the firm’s 2011 net production level. While KRG production remained mostly flat throughout 2013, in line with levels seen in 2012, the firm’s Egypt production was 19% higher in the fourth quarter of 2013 when compared with the first quarter of the same year – despite a 50% reduction in capital investment in Egypt in 2013.
Yet its position in Egypt is not entirely positive: its collection of receivables fell in 2013 to 78%, compared with 95% in 2012. Dana’s overall outstanding receivables for Egypt reached $274mn by the end of 2013. (CONTINUED - 690 WORDS)