Dana Gas

Not to be confused with Dana Petroleum.
Dana Gas PJSC
Native name
 دانة غاز
Public
Traded as ADX: DANA
Industry Oil & Gas
Founded 2005 (2005) in Sharjah, Emirate of Sharjah, United Arab Emirates
Headquarters Sharjah, United Arab Emirates
Areas served
 UAE,[1]
Egypt,[1]
Iraq.[1]
Key people
 Adel Al Sabeeh[2]
(Chairman)
Patrick Allman-Ward (CEO)
Increase 528 millionد.إ AED[3]
Total equity Increase1.7 billionد.إ AED[3]
Parent Crescent Petroleum (20.01%)[4]
Subsidiaries Pearl Petroleum[1]
Website www.danagas.com

Dana Gas is an independent gas company headquartered in Sharjah, United Arab Emirates. The largest private shareholder in Dana Gas is Crescent Petroleum.[5] Dana Gas was established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with an average production output of 63,900 boepd, in 2015. With sizeable assets in Egypt, KRI and the UAE and further plans for expansion, Dana Gas aims to play an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia region (MENASA).

In May 2009, Dana Gas and Crescent Petroleum signed an agreement with MOL and OMV, shareholders of the Nabucco pipeline project, for a strategic partnership in developing gas fields in Iraq's Kurdistan.[6]

On 10 July 2013, Dana Gas, has appointed Patrick Allman-Ward as its new CEO, replacing interim CEO Rashid Saif Al-Jarwan, the appointment will be effective from September 2013.

Also in July 2013, the firm announced it had made a significant discovery at an onshore test well in Egypt,[7] as well as announcing it had achieved record production of 39,000 barrels per day in the country.[8]

Controversy

In January 2013, unsubstantiated allegations were made against Dana Gas that its operations were responsible for the flooding and destruction of the Upper Egyptian village of Fares, near Kom Ombo. It was claimed that flooding in the village was caused by the drilling (fracking) by Dana Gas.[9]

An independent report by D'Appolonia S.p.A into the allegations and the report was completed in early 2016. The conclusion of the report is that "...there is no evidence that Dana Gas could have either introduced more surface water to the existing system, or significantly altered the drainage of such surface waters. Based on the data, it can be concluded that the Dana Gas activities neither directly nor indirectly caused the alleged flooding in Fares Village".[10]

References

  1. 1 2 3 4 http://www.bloomberg.com/news/articles/2016-03-02/dana-gas-rallies-after-expanding-gas-production-to-third-country
  2. ↑ http://www.bloomberg.com/news/articles/2012-06-10/dana-gas-appoints-al-sabeeh-as-chairman-replacing-hamid
  3. 1 2 http://www.bloomberg.com/news/articles/2016-02-14/dana-gas-has-quarterly-profit-more-cash-after-rwe-payment
  4. ↑ http://www.bloomberg.com/news/articles/2012-09-18/dana-gas-shareholder-says-optimistic-on-sukuk-resolution
  5. ↑ "Crescent Petroleum signs cooperation agreement with Reliance". Zawya. 2008-06-24. Retrieved 2009-07-12.
  6. ↑ "MOL makes plans for Kurdish gas spend". Upstream Online. NHST Media Group. 2009-09-10. Retrieved 2010-06-17.
  7. ↑ Dana Gas makes discovery in Egypt, Africa: Oil Review Africa, 2013, retrieved 2014-04-21
  8. ↑ Dana Gas reports record output in Egypt, Africa: Oil Review Africa, 2013, retrieved 2014-04-21
  9. ↑ Is fracking responsible for the flooding of an Upper Egyptian village?, Egypt Independent, 29/01/2013
  10. ↑ "Investigative Study of the Hydraulic Fracturing and Seismic Activities Conducted by DANA GAS D'Appolonia, January 2016


This article is issued from Wikipedia - version of the 11/28/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.