Dana Gas to Cut Costs at Home, Boost Investment in Egypt

Dana Gas to Cut Costs at Home, Boost Investment in Egypt

UAE’s Dana Gas announced its decision to slash its head office workforce by 40%, and cut administrative costs by 50%. The move is part of the evaluation and  cost cutting process, which the company adopted in 2015, reported Rigzone.

The announcement was made by Dana Gas CEO, Patrick Allman-Ward, who made the statement on the sidelines of Middle East Gas Conference 2016 in Abu Dhabi. 

According to Gulf News Dana Gas reported a net loss of $9m in Q3 2015, in comparison to Q3 2014’s net profit of $38m. The company cited oil prices as the main reason.

Despite the significant losses the company had encountered, and efforts to cut costs, Allman-Ward confirmed that the company will continue to invest in Egypt, where it produces 34,000 b/d from, in addition to it’s Balsam-1 and Balsam-2 gas wells in the Nile delta which are expected to go onstream this month, producing  24mcf,  reported Ahram Online.

Dana Gas is also yet to receive $1.98b owned to its consortium by the Kurdistan region of Iraq (KRG). According to company officials the amount will probably not be paid in one go, and maybe rescheduled.

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