Dana Gas will go ahead with plans for gas exploration and production offshore from Sharjah, where it expects to spend US$135 million (Dh495.92m) on its first upstream energy project in its home country. The project will include extensive work to bring the Zora gasfield into production, five years after similar plans were abandoned. "We are in the process of placing orders for the equipment and materials necessary for the pipeline and production facilities, and are currently involved in negotiations with three major offshore rig contractors," said Ahmed Rashid al Arbeed, an executive director of Dana. The Sharjah-based company said it planned to re-enter and complete two test wells originally drilled by its biggest shareholder, Crescent Petroleum, which discovered the Zora field in 1979. Dana said it would also install an offshore platform for gas production and processing, and build a 25km undersea pipeline to bring the gas ashore. It said it was in the final stages of selecting a construction yard for the platform, and had hired reservoir specialists to advise on the gasfield's potential and how it could best be exploited. The Zora field, located 35km offshore in Gulf waters shared by Sharjah and Ajman, is estimated to contain 317 billion cubic feet of recoverable gas reserves. Crescent and Atlantis Holdings, a Norwegian firm, had originally agreed to develop the field, with production scheduled to start in 2003. But the acquisition that year of Atlantis by the Chinese company, Sinochem, derailed the plan. Last March, the Sharjah Government awarded Dana a 25-year concession for the emirate's western offshore area covering more than 1,000 square kilometres, giving the company a 50 per cent interest in the project. In addition to developing the Zora field, Dana agreed to undertake exploration work in the concession area, including geological evaluation studies, seismic surveys and the drilling of exploration wells. Yesterday, it said it had budgeted $70m to develop Zora. It estimated costs for exploration and work on one well at a further $65m, starting next year. To date, Dana has derived all its revenue from oil and gas operations in Egypt, where it made several discoveries last year. The company is also developing a gasfield in the Kurdistan region of northern Iraq and is a partner with Crescent in a long-delayed project to import Iranian gas to the UAE. firstname.lastname@example.org
- Putin’s power play a product of his unchallenged gas dominance
- German oil and gas producer Wintershall says Abu Dhabi a platform for growth in Arabian Gulf
- Oil falls following US stockpile sale
- In pictures: Best business images of the week
- Chief of Saudi chemicals giant Sabic urges regional innovation
- In pictures: Polar vortex gives new life to ageing US power plants
- Most Viewed
- Most Commented
- Abu Dhabi to refinance $20 billion Dubai loans at lower rate
- Emirates Airline says cabin crew policies are ‘generous’
- Executive travel: Bliss en route to Boston with Emirates Airline business class
- Rising rents drive Dubai inflation to highest since late 2009
- Dubai landlord accuses tenant of ‘subletting to bachelors and spinsters’
- Most Viewed
- Most Commented
- Federal Traffic Council approves proposal to lower UAE driving age
- Men ripped off woman’s clothes in bathroom, Abu Dhabi court hears
- Ties no longer mandatory for Dubai cabbies amid safety concerns
- Live blog: With the emergency workers at Rashid Hospital Trauma Centre
- Dubai launches mobile app to faciliate parking and payment
Abu Dhabi to refinance $20 billion Dubai loans at lower rate
The debt, which includes $10 billion of bonds owed to the Central Bank and another $10bn to Abu Dhabi’s Government, will pay fixed interest of 1 per cent.
Bliss en route to Boston with Emirates Airline business class
Emirates Airlines launched its first direct flight to Boston last week amid a flurry of media attention. So what is it really like to fly business class on the new route?
Dubai landlord accuses tenant of ‘subletting to bachelors and spinsters’
Keren Bobker advises a Dubai resident who lives with his wife, son, wife's sister and maid but received a letter saying they were breaking the law.
Emirates Airline says cabin crew policies are ‘generous’
Middle Eastern carriers were criticised for rules on marriage and pregnancy.
In pictures: New Lamborghini showroom opens in Abu Dhabi
Lamborghini launched its latest super car, the Huracán LP 610-4, in the Emirates at the opening of its new Abu Dhabi showroom on the Corniche.
Rates report: Latest on UAE loans, accounts and credit cards
Souqamal.com brings you the latest interest rates on banking products in the UAE.