Dana Gas presses Egypt for outstanding due to drive expansion
Updated 11/10/2024 4:01:00 AM
Arab Finance: UAE-based energy company Dana Gas is waiting for the Egyptian government to settle $24 million of its outstanding dues, totaling $59 million, to facilitate a significant production expansion, Asharq Business reported.
The payment is critical for implementing a strategic development and exploration program for the drilling of 11 new wells.
With an investment of approximately $100 million, the program is expected to increase Dana Gas’s production levels and add an estimated 80 billion cubic feet of gas reserves.
This expansion could bring over $1 billion in savings for Egypt by reducing the country's reliance on costly imported liquefied natural gas (LNG) and heavy oil for electricity generation.
Dana Gas has committed to reinvesting the requested funds, pending receipt, back into Egypt’s energy infrastructure and is currently working alongside the Egyptian Natural Gas Holding Company (EGAS) to expedite the payment.
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