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Dana Gas sells first condensate cargo in Egypt

Dana Gas sells first condensate cargo in Egypt
One of Dana Gas' projects in Iraq (Photo Credit: Company Website)
Dana Gas
DANA
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Abu Dhabi – Mubasher: Dana Gas has completed the sale of the first international sale of condensate in Egypt for $7.2 million, according to a statement.

Loaded on 15 April 2017, the cargo consists of approximately 150,000 barrels of Wastani condensate.

The cargo is the first to be exported by Dana under the Gas Production Enhancement Agreement (GPEA), signed with the Egyptian government in August 2014.

“We expect to sell three additional cargoes in the next twelve months,” according to Dana CEO Patrick Allman-Ward.

The $7.2 million cash proceeds generated from the government’s share of the incremental condensate sales will be offset against the overdue receivables owed to Dana by Egypt, which stand at $289 million, he added.

“However, collections of our overdue receivables in general remain well below our expectations. We are yet to receive a significant payment this year,” Allman-Ward said.

Collections in Egypt were $13 million in the first quarter 2017, representing 52% of total billings. The total receivable balance rose to $289 million from $265 million by the end of 2016.

In Kurdistan, collections were $31 million, representing just over 100% of total billings. The total receivable balance remains at $713 million.