Page 10 - AfrOil Week 33 2021

AfrOil PERFORMANCE AfrOil
Dana Gas Egypt’s operational cash flow up 175% in H1-2021
EGYPT
THE operational cash flow of the Egyptian subsidiary of Dana Gas, the Middle East’s larg- est regional private sector natural gas com- pany, jumped up by 175% in the first half of 2021, reaching $80mn, the company said in a statement.
The company attributed the increase in its cash flow to the rise in world crude oil prices, as well as higher collection rates during the Janu- ary-June period.
The company welcomed this development, which occurred after the board of directors did an about-face on plans to sell its Egyptian port- folio. The rise in income “reinforces the correct- ness of the board decision not to sell the assets,” it commented.
In April 2021, Dana Gas terminated its agree- ment for the sale of its onshore Egyptian assets to IPR Wastani. At the time, it said it had chosen to continue to own and operate these sites in order to maximise returns for its shareholders.
Patrick Allman-Ward, the CEO of Dana Gas, expressed similar sentiments in the company’s statement. “In Egypt, we are going to continue to operate our onshore producing assets in a
New Tema exec promises better times
GHANA
THE new managing director of Ghana’s Tema Oil Refinery (TOR) this week said he is ready to tackle the issues that have nearly disabled the 45,000 barrel per day (bpd) facility.
Edward Boateng, a former diplomat and journalist spoke confidently about his ability to reinvigorate the refinery which has been almost completely out of operation because of financial issues that have dragged on for several years.
TOR has been plagued by issues since an explosion at its distillation unit (CDU) in early 2017 and only resumed operations in January following a six-month closure. Outages have been experienced at the crude distillation and fluid catalytic cracking units, while only one of the CDU’s furnaces is currently operational, giv- ing the 56-year-old facility an effective through- put capacity of 30,000 bpd.
However, in May S&P Global Platts quoted sources as saying that the refinery had depleted all of its feedstock with operations halted for maintenance and repair works to begin.
“Therefineryiscurrentlydown,”thesource
Map of Dana Gas assets in Egypt (Image: Dana Gas)
way to maximise value for the benefit of all our stakeholders and to prepare to drill our material offshore exploration well as soon as practicably possible,” he said.™
The Tema refinery has depleted all of its feedstock (Image: TOR)
said. “We exhausted the crude oil we had and we are yet to receive any new crude oil cargo. In the meantime, the maintenance outfit of the com- pany is taking advantage of the situation to carry out some few repair works.”
Frustrations have boiled over in recent weeks, with local outlet Modern Ghana report- ing that refinery staff had “recently locked up somemanagementstaff.”
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w w w . N E W S B A S E . c o m Week 33 18•August•2021