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.
fneuhof@thenational.ae
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.