馃嚜馃嚞Egypt Today路8 hours ago
Dana Gas strengthens Egypt expansion plans after full settlement of government receivables
Dana Gas announced the full settlement of all outstanding receivables from the Egyptian government, totaling an additional AED 79 million $21.5 million. This resolution, alongside a return to regular payments, has bolstered the company's confidence in its Egyptian operations, where it is pursuing a $100 million investment program to stabilize production and restore growth. The company's latest drilling campaign in Egypt exceeded expectations, identifying an estimated 10 billion cubic feet of gas resources, significantly higher than the initial projection of 3 billion cubic feet. Furthermore, Dana Gas reported potential for an additional 12 billion cubic feet of prospective resources within its Nile Delta concession. Production in Egypt increased by 4% year-on-year in the first quarter of 2026, reaching an average of 13,060 barrels of oil equivalent per day, marking the first production growth in the country since 2017. In 2025, the company drilled four wells and performed workovers on three others, adding approximately 30 million standard cubic feet of gas per day to production and increasing reserves by 36 billion cubic feet. Richard Hall, Chief Executive Officer of Dana Gas, stated that the settlement and timely payments are a significant milestone, and the drilling results highlight the quality of their assets and the available development and exploration opportunities. Dana Gas plans to drill four more wells by the end of 2026 and acknowledged the ongoing support from Egy
