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Ras Shukeir plant providing additional revenue stream, says Dana Gas

Gas

Dana Gas has reported that the average gas flow-rate from its Egyptian Bahrain Gas Derivatives Company (EBGDCo) Natural Gas Liquids (NGL) extraction plant has been 75 mmscfd since it began operation in October 2012

In its operational update, the natural gas company said that the plant, located in at Ras Shukheir, Egypt, has processed a combined 12,340 metric tonnes of propane and 1,840 metric tonnes of butane.

Total additional revenue from NGL sales to date has been US$7.7 million, of which Dana Gas has used US$2.8 million to repay the first installment of the project’s development financing. The NGLs, which Dana Gas extracted from the main gas flow, has provided an additional revenue stream the statement added.

Rashid Al Jarwan, executive director and acting chief executive officer of Dana Gas, said, “We are pleased with the results to date and are looking ahead to 2013 as the project shifts towards a more fully operational plant and our flow-rate increases from nearby gas fields.

“This project also provides strong validation of our strategy of continued focus and work on our Egyptian assets. We expect to continue to execute on this strategic model, where our long history, experience and deep local area expertise will provide us with an advantage as we grow our asset base and commercial reserves.”

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