Abu Dhabi – Mubasher: Dana Gas Egypt said its oil production increased by 11% year-on-year by the end of 2016, reaching 13.7 million barrels as compared to 12.4 million barrels, according to a bourse statement.
The company collected around AED 290 million ($79 million) in Egypt, and realised 64% of its revenues in 2016. It also received cash of AED 283 million ($77 million).
Gas Natural Inc. (EGAS) and the Egyptian General Petroleum Corporation (EGPC) offset payables worth AED 7 million ($2 million) to government-owned contractors, against amounts due to the group.
The trade receivable balance increased to AED 971 million ($265 million) at the end of 2016, compared to AED 810 million ($221 million) at the end of 2015.
The Mocha-1 exploration well, operated by British Petroleum (BP), has been completed. It is the deepest onshore Nile Delta well drilled to date.
