EGYPT

Dana Egypt Production Slides On Non-Payment Standoff

UAE-listed Dana Gas saw 2011 production flat-line as the company scaled back Egyptian drilling in response to non-payment of revenues from the Egyptian authorities. The company’s Egyptian production finished the year at 38,000 b/d of oil equivalent (boe/d), down 20% on the first quarter peak of 47,000 boe/d and well below target 2011 production of 50,000 boe/d (see chart). Dana drastically cut back on the 2011 drilling...