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Exploring further afield
In total, Dana possesses Egyptian reserves totalling 100 million barrels of oil equivalent and exploration potential of 26,300 square kilometres.
This move will soon be followed by exploration and production activities in other countries in the region in addition to investments to maximise the potential of Egyptian assets says general manager Rashid Seef Al-Jarwan
"With over half the world's gas reserves but a much smaller percentage of production, the region's potential for development of the gas upstream is clear and necessary."
Capitalised at $1.6 billion, Abu Dhabi-listed Dana Gas, projects itself as the Middle East's first private-sector natural gas company. The company, with an A-list of private regional shareholders, was formed less than two years ago and is growing fast. With offices now operational in Europe, the Gulf, North Africa and North America it has been an "active first year" for the company comments Al-Jarwan.
Dana, sold off nearly 35 per cent of its stock in a hugely oversubscribed IPO in 2005 with shares subsequently listed on the Abu Dhabi stock market making it the first private sector gas resource company in the Middle East to have a quotation.
Exploration and diversification
Company strategy is to expand throughout the region into upstream exploration and production of natural gas as well as into downstream gas-related industries as well as into petrochemicals.
The company is undergoing an aggressive expansion strategy throughout the region including acquisitions and new project development. Dana has also entered into an alliance with Single Buoy Mooring to develop floating LNG receiving terminals initially with a project in Pakistan.
Dana Gas director Abdullah Nasser Hawaileel, says that the international scene in oil and gas is undergoing tremendous transformation and companies like Dana Gas are there to seize opportunities in the upstream as well downstream sectors.
The company is developing a gas processing plant at Sajaa designed to take gas from the company's Mubarak field offshore Sharjah. Dana could also potentially play a significant role in supply deals in the Gulf for Iranian gas from Iran's offshore Salman field pending agreement over pricing.
A proposed long-term 25-year off-take deal would see Dana distribute Iranian gas within the UAE to oil and gas companies as well as water and electricity utilities.
The company is also involved in proposals for a $3.2 billion Gulf-South Asia pipeline to transport gas to Pakistan. Directors have ambitions to establish Dana as a truly integrated gas company in the Arab world, "perhaps another British Gas in the making," one official is quoted as saying.
The company has no connection with Aberdeen-based Dana Petroleum which is listed on the London stock exchange.
