Dana Gas Company has announced making $10.4 million during February 2018 after selling 157,200 barrels of condensates from Egypt’s El Wastani Field, Egypt Oil & Gas reports.
The company sold a barrel of condensates at an average of $66.5.
“The sale marks the fourth cargo of Egyptian condensate since the start of 2017. Last year, the Company sold three shipments for a total receipt of approximately US$21 million,” the company mentioned. “The shipments are part of the Gas Production Enhancement Agreement signed with the Egyptian government as a mechanism to help pay down the overdue receivables,” it further stated.
Dana Gas announced in August 2017 that its production of gas in Egypt rose by 13%, Egypt Oil & Gas reported.
While production slowed in the second quarter of 2017 to 37,650 barrels of oil equivalent per day (BOE/D), the company still posted strong gains for the first half of 2017. During the first six months of the year, the company’s gas output in Egypt rose to 39,300 BOE/D compared with 34,850 BOE/D in the same time period in 2016.