Dana Gas Secures $100 mn Loan for Zora Gas Field Development
Middle Eastern gas company Dana Gas has secured a $100 million loan to finance the development of Zora gas field project, the company said last week.
“The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015. Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the UAE,” Patrick Allman-Ward, Chief Executive Officer of Dana Gas said.
The Zora gas field, which spans the territorial waters of Sharjah and Ajman, comprises a tilted fault block structure with a closure of some 25 km2. Once on-stream, Zora will provide an additional source of gas for local power generation in the northern Emirates with an expected production capacity of 40 mmscfd (6,650 boepd).