Dana Petroleum acquires Devon’s oil and gas operations in EgyptNovember 14th, 2007 - 8:07 am ICT by admin
The purchase price is 375 million dollars. In addition to receiving the oil and gas production and exploration assets of Devon Egypt, Dana will also gain approximately 67 million dollars of working capital in Devon Egypt.
Tom Cross, Dana’s Chief Executive, said that the deal represented a significant reserves and production growth step for Dana and added that strategically the acquisition fitted closely with its previous Egyptian transactions. The new portfolio contained a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions.
The concessions acquired by Dana Petroleum in Gulf of Suez are: East Zeit (100 pc) North Zeit Bay (100 pc) and Ras Abu Darag (100 pc), as well as South October (together with Teikoku 35 pc). Acquisitionsn the Western Desert include: Qarun fields ( 25 pc, Apache 75 pc and operator), East Beni Suef (50 pc, Apache 50 pc and operator) West Abu Gharadig (30 pc, IEOC 4 pc and operator, INA 25 pc,), North Qarun Exploration Concession (50 pc and operator, Teikoku 25 pc, Santos 25 pc).
Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert. (ANI)
- Venezuela confirms start-up of oil exploration off Cuba - Sep 06, 2012
- Russian firm to operate two oil fields in Venezuela - Apr 13, 2012
- Three dead in Suez Canal blast - Mar 27, 2012
- Indian Navy abandons escort of freed vessel (Lead) - Jun 16, 2011
- Pakistan to seek UN help in hijacked crewmen release - Aug 27, 2010
- Ship unresponsive, Indian Navy calls off escort (Second Lead) - Jun 16, 2011
- Egypt foils planned attack in Suez Canal - Mar 22, 2012
- India denies obstructing Pakistani warship (Third Lead) - Jun 18, 2011
- Prehistoric whale skeletons found in Egypt - Jul 10, 2010
- Ecopetrol makes new oil find in Colombia - Dec 15, 2010
- ONGC Videsh consortium strikes oil for the second time in Egypt - Nov 13, 2008
- Cairo running out of petrol, food items - Feb 02, 2011
- BP to sell two Gulf of Mexico assets - Nov 19, 2011
- Colombian firm makes oil find - Aug 17, 2012
- Egypt requested to intervene to rescue Indian hostages - Mar 07, 2011
Tags: acquisition, apache, assets, concessions, dana petroleum, devon energy, egypt, exploration, gulf of suez, million dollars, oil and gas, petroleum provinces, qarun, ras abu darag, teikoku, western desert, wholly owned subsidiary, zeit bay