{"id":596092,"date":"2023-08-10T00:00:00","date_gmt":"2023-08-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/dana-gas-could-get-parliaments-signoff-on-new-wells-this-year\/"},"modified":"2023-08-10T00:00:00","modified_gmt":"2023-08-10T00:00:00","slug":"dana-gas-could-get-parliaments-signoff-on-new-wells-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/dana-gas-could-get-parliaments-signoff-on-new-wells-this-year\/","title":{"rendered":"Dana Gas could get parliament\u2019s signoff on new wells this year"},"content":{"rendered":"

ENERGY- <\/strong><\/p>\n

Dana Gas could get the greenlight to begin its latest gas exploration project this <\/strong> year: <\/strong>Emirati firm Dana Gas expects to receive the Egyptian parliament\u2019s approval on its gas exploration agreement<\/a> with state-owned EGAS this year, company IR head Mohammed Mubaideen told CNBC Arabia<\/a>. The agreement will see Dana drill 11 new wells in its Egyptian concessions and invest USD 100 mn over the next two years.<\/p>\n

The company\u2019s production in Egypt declined 12% in 1H 2023 <\/strong>as a result of natural field declines, according to a statement on its first-half results (pdf)<\/a>. The decline outweighed a rise in production in the Kurdistan Region of the Republic of Iraq (KRI), driving total production for the period down 2% to 59.8k barrels of oil equivalent per day (boepd).<\/p>\n

Collections drop: <\/strong>Dana Gas collected some AED 95 mn (USD 26 mn) from Egypt in 1H 2023, down 42% from the same period a year before. Collections from the Kurdistan Regional Government (KRG) in Iraq stood at AED 293 mn (USD 80 mn), down 41% y-o-y. Reuters<\/a> also had the story. <\/p>\n

TOURISM- <\/strong><\/p>\n

Travco boosts targets amid tourism boom: <\/strong>High-profile tourism firmTravco Group plans to raise its hotel capacity by 18% to 20k rooms in the next two years to capitalize on the tourism rebound<\/a>, Chairman Hamed El Chiatytold Asharq Business<\/a>. El Chiaty had in January said Travco was targeting increasing the number of its hotel rooms to 17k<\/a>. The company also plans to raise its prices by around 20% starting next year thanks to rising demand.<\/p>\n

Remember: <\/strong>Egypt welcomed a record 7 mn tourists in 1H 2023, up more than 40% y-o-y. Hotel occupancy rates<\/a> across the country also jumped during the first half of the year, climbing to 80% from 65% during the same period last year. We spoke about how to increase tourism revenues by targeting high-spend visitors with Travco Holidays General Manager Moataz Sedky in our recent CEO poll<\/a> on FDI and exports.<\/p>\n

MANUFACTURING- <\/strong><\/p>\n

Cyanide plant in the works: <\/strong>Oil Minister Tarek El-Molla met the managing director of German cyanide producer CyPlus<\/a> to discuss the company\u2019s aspiration to build a sodium cyanide plant that would feed gold mining activity<\/a> in the Eastern Desert, according to a ministry statement<\/a>. The company will set up a joint working group with the ministry to draw up feasibility studies for the project, the statement read. Sodium cyanide is used to extract gold from ore. <\/p>\n

COMMODITIES- <\/strong><\/p>\n

Rice regs: <\/strong> Supply Minister Ali El Mosehly yesterday issued a decree in the Official Gazette introducing new regulations aimed at keeping rice prices down. Under the new rules, traders and importers must provide the ministry with weekly updates on the quantities of rice they import and store, as well as purchase and selling prices. <\/p>\n

Rice paperwork: <\/strong>Traders have a six-month grace period to obtain a food trading license or show that they are in the process of obtaining one, and two months to provide the ministry with proof of all relevant licenses and information about their operations. All packaged rice will need to clearly display key information like its country of origin, packaging date, and shelf life.<\/p>\n

The world is short on rice: <\/strong> Rice prices in Asia this week hit their highest in almost 15 years as bad weather leads to fears of shortages, potentially exacerbating food insecurity in Asian and African countries where bns of people rely on the grain, Bloomberg<\/a> reports. <\/p>\n","protected":false},"excerpt":{"rendered":"

Collections from Egypt dropped in the first half of 2023<\/p>\n","protected":false},"author":1,"featured_media":596093,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,10585,317,7395,110,93,72,7093,131,373,91,371,871,777,195,238,11142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-chemicals","tag-commodities","tag-cyplus","tag-dana-gas","tag-energy","tag-enterpriseam","tag-gold","tag-manufacturing","tag-mining","tag-oil-and-gas","tag-oil-ministry","tag-regulation-watch","tag-supply-ministry","tag-tarek-el-molla","tag-tourism","tag-travco-holidays","wpautop","entry"],"acf":{"mongo_id":"e26f71fa-c464-48fd-b27e-42a6ab0be405","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/496.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Dana Gas could get parliament\u2019s signoff on new wells this year. 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A meeting between Egyptian and Brazilian officials resulted in an agreement covering \u201cagricultural research, livestock, capacity-building and trade exchange,\u201d the Agriculture Ministry said in a statement. The chief aim of the Brazilian delegation was to seal an agreement for more\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/ades-holding-vantage-sign-egypt-drilling-service-contract-with-dana-gas\/","url_meta":{"origin":596092,"position":2},"title":"ADES Holding, Vantage sign Egypt drilling service contract with Dana Gas","author":"enterpriseam admin","date":"10 March 2019","format":false,"excerpt":"Dana Gas has signed an exploration agreement with ADES International Holding and Vantage Drilling International JV, ADVantage, to perform deep water drilling services for one well in the Mediterranean Sea, Offshore Magazine reports.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641514,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/25\/dana-gas-and-bp-to-drill-in-the-delta-next-month\/","url_meta":{"origin":596092,"position":3},"title":"Dana Gas and BP to drill in the Delta next month","author":"enterpriseam admin","date":"25 September 2017","format":false,"excerpt":"Dana Gas and BP hope to begin drilling exploration wells next month in the Delta concessions next month,according EGAS sources tell Al Shorouk. The source added that Dana Gas has yet to release new funds to begin operations in the Delta, and is awaiting approval from the board to release\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":614973,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/dana-gas-wants-to-reinvest-usd-58-mn-in-egypt-plus-news-from-ades-and-transport-ministry\/","url_meta":{"origin":596092,"position":4},"title":"Dana Gas wants to reinvest USD 58 mn in Egypt. PLUS: News from Ades and Transport Ministry,","author":"enterpriseam admin","date":"11 February 2024","format":false,"excerpt":"The Emirati firm wants to use the money to drill more wells and increase production","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/805.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652663,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/16\/oil-minister-meets-with-dana-gas-execs-to-discuss-expansions\/","url_meta":{"origin":596092,"position":5},"title":"Oil Minister meets with Dana Gas execs to discuss expansions","author":"enterpriseam admin","date":"16 January 2017","format":false,"excerpt":"Oil Minister Tarek El Molla met with Dana Gas Technical Director Iman Hill to discuss future expansions, Al Shorouk reported. Dana Gas is planning to increase production from the Balsam field by 40 mcf\/d through its JV El Wastani Petroleum by drilling two additional production wells in 2H2017.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596092"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596092\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596093"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596092"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596092"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}