Dana Gas, the Sharjah-based producer, has made two new gas discoveries in the Nile Delta basin.
Successful drilling at the two wells, located near existing Dana operations, will increase the company's proven reserves by at least 17 million barrels of oil equivalent (mboe), and could boost reserves by up to 95 mboe - a 55 per cent increase in the company's proven reserves.
"Our latest two discoveries confirm the Nile Delta as a prolific hydrocarbon-bearing basin," said Rashid Al Jarwan, the executive director and acting chief executive of Dana Gas. "Dana Gas remains fully-committed to the long term development of Egypt's gas industry and its essential role in fuelling the nation's economic growth."
The findings are welcome news to both company and country.
Dana Gas is faced with payment delays in both Egypt and Iraqi Kurdistan, its two key production sites. Insufficient receivables have forced it to refinance a US$1 billion sukuk in November.
Dana is the sixth largest gas producer in Egypt. While the company is now being paid for the gas it produces, the Egyptian government still owes it payments for gas delivered during the political upheavals in the past, Majid Jafar, the chief executive of Dana's parent company Crescent Petroleum said last month.
Meanwhile, Egypt is struggling to free up enough gas to fuel economic growth in the aftermath of the Arab Spring.
Producers such as Dana and Britain's BG Group have reported production declines this year. In spite of doubling its proven reserves over the past five years to over 70bn cubic feet, and being one of the 10 largest exporters of liquefied natural gas (LNG), the country is now turning to gas imports to meet its requirements.
Egypt is soliciting bids for an LNG import terminal that is to be operational as early as May next year, according to the Egyptian Natural Gas Company. One of the interested parties is Qatar's QInvest, who will bid with Egypt's private equity investor Citadel Capital. Egypt's industry has permission to import up to 1bn cubic feet of gas per day.
Efforts to increase its gas production are stalling. A bid round for 15 new blocks was extended in November after it met with little interest from international oil and gas companies.
Egypt's gas sector was boosted by BP's announcement in September that it will start work on a $10bn offshore development.
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
