Dana Gas has secured $100 million of financing to develop the offshore Zora gas field, and first production is expected early next year, Reuters reported.
Offshore staff
ABU DHABI -Dana Gas has secured $100 million of financing to develop the offshoreZora gas field, and first production is expected early next year, Reuters reported.
The four-year credit facility from banks comprises the debt component of the financing for the development, with Dana spending about $49 million thus far, as part of the project’s equity financing, Reuters said.
Zora is expected to provide gas for local power generation in northern UAE with projected production capacity of 40 MMcf/d. Production will transport via a 22 mi (35 km) subsea pipeline to an offshore gas processing facility located in Sharjah.
