Dana Gas' Output from Zora Gas Field in UAE Drops in 1H
Middle East and North Africa focused Dana Gas, said August 15, that 1H 2017 average daily production from the Zora gas field in UAE declined to 1,700 boe/d as compared to 2,300 boe/d in 1H 2017.
The field is currently delivering approximately 10mn feet3/d sales gas to a Sharjah power station and producing 100 b/d of condensate. Production has continued to decline from 3,250 boe/d in June 2016 to 1,650 boe/d by the end of the second quarter this year, Dana said.
The company informed that it has received the preliminary results on its potential well intervention program, which indicates that at current gas prices any further well intervention in unlikely to be economically viable. Dana will take these results into consideration when it undertakes its annual reserves evaluation towards year-end and will be factored into the final decision that will have to be taken on the asset.
Meanwhile, the company’s 1H net profit was $23mn, up 77% year on year.
Shardul Sharma