Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Dana Inks Deal with Sharjah, Ajman to Develop Offshore Gas Field

change text size

Dana Gas, an independent energy firm based in the United Arab Emirates, said Thursday in a statement that it has inked agreements with the governments of Sharjah and Ajman to develop a shared gas field located around 25 miles (40 kilometers) off the two coasts.

The set of contracts include a utilization agreement for management of the shared field, gas and purchase agreements, and a joint operating agreement.

Development works for the field include the drilling of horizontal wells and the installation of an offshore platform for processing gas. The platform will receive gas through a 16-mile (25-kilometer) offshore pipeline.

Initial gas production from the field, which will be used mainly for power generation in the two northern emirates, is expected in the first half of 2014.

The field marks the first exploration and production project for the company, it said.

Dana disclosed in a statement earlier this month that it reached an in-principle deal to restructure a $920 million Islamic bond, or sukuk, that it failed to reply on time in October. The firm added in its statement that it suffered “liquidity challenges” due to a “backlog of payments” owned by the Egyptian Government for gas supplies.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Exillon Looks for New Independent Dire... (Apr 24)
 -  Leni Reports Rig Arrival at Goudron Fi... (Apr 24)
 -  Report: UK Oil, Gas Supply Chain Worth... (Apr 23)
 -  Cuadrilla Consults Residents Ahead of ... (Apr 23)
 -  CNOOC Reports 1Q 2014 Net Production o... (Apr 23)
Most Popular Articles
From the Career Center
Jobs that may interest you
Ingeniero Electrico / Trainee
Expertise: Drilling Engineering
Location: Monagas / Anzoategui.
 
Ingeniero Mecanico / Trainee
Expertise: Drilling Engineering, Mechanical Engineering
Location: Monagas / Anzoategui
 
Technical Sales Specialist
Expertise: Chemical Engineering, Petroleum Engineering, Technical Sales
Location: Denver, CO
 
search for more jobs