Located at Ras Shukheir in Egypt, the plant commenced commercial operations from 1 October 2012 and produced gas at average flow-rate for the quarter at about 75 million standard cubic feet per day (mmscfd), while recovery rates of 98.9% and 99.9% respectively.
Dana Gas has achieved total additional revenue of $7.7m, from NGL sales so far, of which the company used $2.8m to pay back the first instalment of the project’s development financing.
Dana Gas executive director and acting CEO Rashid Al Jarwan said that the company is looking ahead to 2013, as the project move towards a fully-operational plant and the flow-rate increases from nearby gas fields.
"This project also provides strong validation of our strategy of continued focus and work on our Egyptian assets," added Jarwan.
EBGDCo will now has to finalize the design and testing programs on the plant’s gas flow-rate, which is being conducted by Exterran, while it has completed all outstanding project items related to the plant.
Upon the completion of the testing, the plant will become operational and produce about 120,000 tons of propane and butane from a gas stream of 150 mmscfd.
The project has been built at an overall cost of about AED460m ($125m), of which AED318m ($86m) was funded through project finance and AED105m ($28m) of equity, while the remaining would be funded through internal revenue.
