Latest news with #DanaGas
Al-Ahram Weekly
18 hours ago
- Business
- Al-Ahram Weekly
Emirati Dana Gas launches $100 mln investment programme to boost Egypt gas production - Energy
UAE's Dana Gas, the Middle East's largest regional private sector natural gas company, has launched a $100 million investment programme in Egypt's onshore Nile Delta to expand domestic gas production, increase reserves, and support the country's growing energy demand, according to a statement the company shared with Ahram Online. The two-year programme includes drilling 11 appraisal and exploration wells, as well as recompleting existing ones. It is expected to add approximately 80 billion cubic feet (bcf) of recoverable gas reserves and significantly enhance the company's long-term production profile in Egypt. The investment plan has already yielded early success, with the completion of the Begonia-2 appraisal well in the New El-Manzala concession. Begonia-2, operated by the company's joint venture with the Egyptian government, Wastani Petroleum Company (WASCO), has confirmed initial reserves of 9 bcf of gas and is set to deliver 5 million standard cubic feet daily (mmscfd) in additional output. It is the first well to be drilled under the programme, signalling the start of intensified exploration and development activity in the area. In parallel, Dana Gas has initiated recompletion work on the Balsam-3 well, redeploying the EGYPTCO rig to tap previously unproduced geological layers. Once completed, the well is expected to add 4 billion cubic feet (bcf) in reserves and an additional 3 million standard cubic feet per day (mmscfd) in production. Its recompletion is anticipated to mitigate exploration risks and further strengthen gas output from existing assets. 'This $100 million programme marks a strategic milestone for Dana Gas in Egypt. The drilling success at Begonia-2 and the start of work on Balsam-3 are just the beginning. With improved fiscal terms under our new concession consolidation agreement with EGAS, we are now well-positioned to unlock more value from our Egyptian portfolio,' said CEO of Dana Gas Richard Hall. 'Our continued investment reflects our long-standing commitment to Egypt and to supporting its energy security agenda. Timely and consistent payments from our partners remain critical to the success of this programme and to ensuring its sustained momentum,' he added. Drilling is being carried out using the EDC-54 rig, with the following well scheduled to spud in August. The company also plans to re-enter other wells during the programme's timeframe to maximize recovery from existing assets. Earlier in July, Minister of Petroleum and Mineral Resources Karim Badawi visited the Begonia-2 site to observe the commencement of operations and review project progress. His visit aligns with the government's broader strategy to enhance natural gas production through upstream investment incentives and regional collaboration. Dana Gas has operated in Egypt for over a decade and remains one of the country's key private sector contributors to gas production. The company's total proven and probable (2P) reserves exceed one billion barrels of oil equivalent (BOE), with an average daily production of 55,000 BOE in 2024. Its regional presence spans Egypt, the Kurdistan Region of Iraq (KRI), and the UAE. As Egypt continues to navigate growing energy demands amid fluctuating domestic gas production, the government is intensifying efforts to reinforce its energy security through a combination of infrastructure upgrades and fiscal commitments. Last week during a press conference, Prime Minister Mostafa Madbouly announced the full integration of all Floating Storage Regasification Units (FSRUs) into the national gas network. Currently, three FSRUs are stationed in Ain Sokhna, positioned to serve as emergency backups in the event of disruptions to the country's conventional gas supply. While the units have not yet been activated at full capacity, Madbouly emphasized their role as a strategic reserve to ensure uninterrupted access to natural gas, particularly during peak summer consumption periods. Furthermore, two more FSRUs are expected to arrive soon: one set to be deployed at Alexandria Port and the other at Jordan's Aqaba Port. These deployments are part of Egypt's broader contingency plan to secure its energy system against potential shortfalls during high-demand months. The government is also making headway in addressing long-standing financial liabilities in the energy sector. In this respect, Madbouly said Egypt has recently repaid more than $1 billion in overdue payments to foreign oil and gas partners. While acknowledging that a significant backlog remains, he reaffirmed Egypt's renewed commitment to settling monthly invoices regularly, thereby gradually reducing its accumulated energy debt. By the end of 2025, an additional $1.4 billion in payments is scheduled to be made, as part of a strategy to restore investor confidence and support future investment in the country's energy production. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
a day ago
- Business
- Zawya
Dana Gas reports successful results at the ‘Begonia-2' appraisal well and progress on ‘Balsam-3'
Begonia-2 confirms 9 bcf of gas reserves and will produce 5 mmscfd Balsam-3 recompletion underway with 4 bcf in expected reserves and 3 mmscfd in additional production Kicks off an 11-well drilling program to boost gas recovery and long-term production Sharjah, UAE: Dana Gas PJSC (the 'Company'), the Middle East's largest regional private sector natural gas company, announces successful initial results from the Begonia-2 appraisal well and the initiation of recompletion works at the Balsam-3 well in Egypt's onshore Nile Delta. These milestones mark the first stage of Dana Gas's $100 million investment programme to support domestic gas production, increase reserves, and meet growing energy demand. 'Begonia-2' is the first appraisal well within the Begonia development area and the first of eleven appraisal and exploration wells planned under the programme. Drilling and logging results indicate that the well contains 9 billion cubic feet (bcf) of gas as an initial estimate, which is subject to increase. Begonia-2 will produce an additional 5 million cubic feet per day. The well is located in the "New El-Manzala" concession and is operated by the Joint Venture, El-Wastani Patrolmen Company (Wasco). The $100 million investment programme is expected to significantly increase Dana Gas's long-term production in Egypt and add approximately 80 bcf in recoverable gas reserves over the course of the two-year plan. Drilling is being carried out using the EDC-54 rig, and the next well is expected to spud in August. In parallel, the Company has also begun to re-complete several wells in other geological layers, which are expected to add more reserves and enhance production. Work is currently underway on the Balsam-3 well, where Dana Gas has redeployed the EGYPTCO rig from its plug-and-abandonment (P&A) mode. Estimated reserves from the recompleted well are 4 bcf, with an anticipated additional production of 3 million cubic feet of gas per day. The successful recompletion of Balsam-3 is expected to reduce the risk associated with drilling exploration wells in the area and further enhance output. Richard Hall, CEO, Dana Gas, said: ' The successful drilling of the appraisal well 'Begonia-2' and the recompletion of the 'Balsam-3' well marks a significant strategic milestone. It signals the first steps in our ambitious US$ 100 million investment program in Egypt, which includes drilling 11 new wells. We have been developing and producing gas in Egypt for over a decade, and the signing of the concession area consolidation agreement with the Egyptian Natural Gas Holding Company (EGAS) late last year has allowed us to acquire additional areas under improved financial terms, enabling us to launch this new phase. ' The success of drilling this well opens vast prospects for gas production in the 'Begonia' area and presents promising future opportunities for expansion and growth. It will also extend the operational life of our assets in Egypt. We are fully committed to making every effort to ensure the success of the program and its efficient and timely execution. Dana Gas reaffirms its strong commitment to reinvesting the payments it receives from the Egyptian government into executing this ambitious program and supporting future development projects in the country. Regular and timely payments from our partners are crucial to sustaining these investments.' Earlier this month, H.E. Eng. Karim Badawi, the Egyptian Minister of Petroleum and Mineral Resources, made a site visit to the 'Begonia-2' drilling location to closely observe the commencement of operations and monitor the project's progress. This visit comes as part of the comprehensive incentive packages launched by the Ministry of Petroleum and Mineral Resources to boost domestic natural gas production, strengthen the national energy system, and drive economic development through the optimal utilization of resources in cooperation with regional partners. About Dana Gas Dana Gas is the Middle East's first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: Communication & Investor Relations Contact Mohammed Mubaideen Head of Investor Relations IR@
Shafaq News
4 days ago
- Politics
- Shafaq News
Al-Sulaymaniyah: No drone strike at Khor Mor
Shafaq News – Al-Sulaymaniyah A controlled explosion near the Khor Mor gas field on Sunday briefly sparked confusion, as local authorities dismissed initial reports of a drone strike. Sadiq Mohammed, director of the Qader Karam subdistrict in Chamchamal, al-Sulaymaniyah province, told Shafaq News the 10:20 a.m. blast was part of a scheduled demining operation, coordinated in advance with the local administration and Asayish security forces. Early speculation pointed to a drone crash, fueling concern given Khor Mor's strategic role as a major gas production hub operated by UAE-based Dana Gas.
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Egypt's Petroleum Min. Affirms Full Support for Exploration Plans in Nile Delta
Taarek Refaat Egypt's Minister of Petroleum and Mineral Resources Karim Badawi has reiterated the government's full support for Dana Gas and its exploration efforts in the onshore Nile Delta, during a high-level meeting with the company's CEO, Richard Hall, on Wednesday. The meeting, described as extensive and strategic, reviewed Dana Gas's current activities in Egypt and discussed its future development plans in its concession areas. Minister Badawi commended the company's performance and technical achievements, expressing appreciation for the efforts of its operational teams. He emphasized that the Ministry of Petroleum remains committed to supporting international partners through a coordinated and integrated framework, aimed at overcoming challenges and accelerating the production timeline for new discoveries. 'Supporting exploration and fast-tracking discoveries into production aligns with our national strategy to increase domestic output and meet market needs for gas and petroleum products,' Badawi said. On his part, Dana Gas CEO Richard Hall hailed Egypt as a strategic partner and a central pillar of the company's regional investment portfolio, citing the promising geological potential of the Nile Delta and other Egyptian basins. He confirmed the company's desire to intensify exploration and expedite development operations to bring newly discovered wells online more quickly. Hall also expressed appreciation for Minister Badawi's recent visit to the Begonia-2 well site in the New Mansoura onshore concession, operated by Wasco Petroleum in partnership with Dana Gas. He described the visit as a strong message of encouragement and motivation to the technical teams working on the ground. 'Minister Badawi's field visit was a significant morale boost that reaffirmed our joint commitment to sustainable growth in Egypt's upstream sector,' Hall said. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
Yahoo
14-07-2025
- Business
- Yahoo
Dana Gas PJSC And 2 Other Middle Eastern Dividend Stocks
As Middle Eastern markets experience a rise, buoyed by increasing oil prices and positive economic indicators, investors are keenly observing the region's equity performance. In this environment, dividend stocks such as Dana Gas PJSC offer potential stability and income opportunities, making them attractive options for those looking to balance growth with consistent returns. Name Dividend Yield Dividend Rating Saudi Telecom (SASE:7010) 9.95% ★★★★★☆ Saudi National Bank (SASE:1180) 5.34% ★★★★★☆ Saudi Awwal Bank (SASE:1060) 5.95% ★★★★★☆ Riyad Bank (SASE:1010) 6.32% ★★★★★☆ National Bank of Ras Al-Khaimah (P.S.C.) (ADX:RAKBANK) 6.85% ★★★★★☆ Emirates NBD Bank PJSC (DFM:EMIRATESNBD) 4.12% ★★★★★☆ Emaar Properties PJSC (DFM:EMAAR) 7.04% ★★★★★☆ Commercial Bank of Dubai PSC (DFM:CBD) 5.63% ★★★★★☆ Arab National Bank (SASE:1080) 6.02% ★★★★★☆ Anadolu Hayat Emeklilik Anonim Sirketi (IBSE:ANHYT) 7.29% ★★★★★☆ Click here to see the full list of 75 stocks from our Top Middle Eastern Dividend Stocks screener. Let's review some notable picks from our screened stocks. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Dana Gas PJSC operates in the exploration, production, and sale of natural gas and petroleum products across the UAE, Iraq, and Egypt with a market cap of AED5.35 billion. Operations: Dana Gas PJSC generates revenue from its Oil & Gas - Integrated segment, amounting to $332 million. Dividend Yield: 7.2% Dana Gas PJSC offers a high dividend yield of 7.19%, placing it in the top 25% of AE market payers, supported by reasonable earnings and cash flow coverage with payout ratios of 67.1% and 55.7%, respectively. However, its dividend history is unstable with volatility over its seven-year payment period. Recent Q1 2025 results show net income growth to US$43 million, despite a revenue decline to US$75 million from the previous year's US$79 million. Dive into the specifics of Dana Gas PJSC here with our thorough dividend report. According our valuation report, there's an indication that Dana Gas PJSC's share price might be on the cheaper side. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Dubai Islamic Bank P.J.S.C. operates in corporate, retail, and investment banking both in the United Arab Emirates and internationally, with a market cap of AED66.78 billion. Operations: Dubai Islamic Bank P.J.S.C. generates revenue primarily through its Consumer Banking segment at AED4.50 billion, followed by Corporate Banking at AED3.35 billion, Treasury operations at AED2.59 billion, and Real Estate Development contributing AED700.58 million. Dividend Yield: 4.9% Dubai Islamic Bank P.J.S.C. offers a dividend yield of 4.87%, which is lower than the top quartile in the AE market. Despite earnings growth of 18% over the past year, its dividend history has been volatile and unreliable over the last decade, although dividends are currently well-covered by earnings with a payout ratio of 42.5%. The bank's allowance for bad loans is low at 84%, with a high level of non-performing loans at 3.5%. Click here and access our complete dividend analysis report to understand the dynamics of Dubai Islamic Bank P.J.S.C. According our valuation report, there's an indication that Dubai Islamic Bank P.J.S.C's share price might be on the expensive side. Simply Wall St Dividend Rating: ★★★★★☆ Overview: The Saudi National Bank, with a market cap of SAR222.77 billion, offers banking and investment management services both within Saudi Arabia and internationally through its subsidiaries. Operations: The Saudi National Bank generates revenue through several segments, including Retail (SAR15.91 billion), Wholesale (SAR16.60 billion), International (SAR1.66 billion), and Capital Market (SAR2.15 billion). Dividend Yield: 5.3% Saudi National Bank's dividend yield of 5.34% places it among the top 25% of dividend payers in Saudi Arabia, supported by a payout ratio of 53%, indicating dividends are well-covered by earnings. Despite past volatility in its dividend payments, recent earnings growth and a favorable price-to-earnings ratio (10.4x) suggest potential value for investors. Recent redemption of SAR 6.2 billion sukuk may impact capital structure but reflects strategic financial management efforts. Navigate through the intricacies of Saudi National Bank with our comprehensive dividend report here. Upon reviewing our latest valuation report, Saudi National Bank's share price might be too pessimistic. Gain an insight into the universe of 75 Top Middle Eastern Dividend Stocks by clicking here. Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes. Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ADX:DANA DFM:DIB and SASE:1180. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
