Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE's Dana Gas in talks with Egypt over revising gas prices
Published in Ahram Online on 27 - 11 - 2014

United Arab Emirates-based Dana Gas said it was in talks with the Egyptian government to secure a higher price for some of the natural gas it extracts, as the North African country moves to encourage investment in energy.
Steadily declining gas production and foreign firms' wariness about any increase in investment have combined with price subsidies and rising consumption to create Egypt's worst energy crisis in decades.
Cairo has begun negotiating with international energy firms including Italy's Eni and Germany's RWE DEA, to raise the price it pays them for gas, particularly when prices are not high enough to cover the costs of production.
"Our existing concession agreements in relatively low-cost environments onshore don't fall into that category, but we do have some shallow gas in our existing onshore assets which probably do fall into that category," Dana Chief Executive Patrick Allman-Ward told Reuters on Thursday on the sidelines of an investment event.
Dana Gas currently receives a fixed price of $2.65 per million British thermal units (mmBtu), but Allman-Ward said that under its existing concession agreement, there was a provision to increase the price if it was not commercially viable.
The government also has begun to address payment problems in the energy sector. The oil ministry said earlier this month it hoped to repay the $4.9 billion it owes to foreign oil and gas companies within six months.
Dana Gas received one payment in the fourth quarter in the form of a cargo swap, and it expects to get further cash when the government allocates the next tranche of money to repay oil firms, Allman-Ward said, declining to give further details.
The Abu Dhabi-listed firm is still owed $276 million, of which $160 million is overdue for payment, he said.
Production in the fourth quarter is expected to be stable at around 70,000 barrels of oil equivalent per day (boepd), Allman-Ward said. Dana produced 68,700 boepd in the third quarter.
http://english.ahram.org.eg/News/116607.aspx


Clic here to read the story from its source.