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The project is expected to unlock approximately 80 billion cubic feet of gas in the coming years, positively impacting Dana Gas’ production in the country. This would save the Egyptian government around $1 billion over the same period due to price differences between domestically produced and imported gas.
Dana Gas set a plan for Egypt, involving USD 100 million in investments to drill 11 wells over the next two years, according to a statement by Mohammed Mubaideen, Head of Investor Relations and Corporate Communications at Dana Gas.
The project is expected to unlock approximately 80 billion cubic feet of gas in the coming years, positively impacting Dana Gas’ production in the country. This would save the Egyptian government around $1 billion over the same period due to price differences between domestically produced and imported gas.
Additionally, the company signed an agreement with the Egyptian government to increase investments, with part of the received funds being reinvested into Dana Gas operations in Egypt. This move is expected to help address the decline in Egypt’s production over the coming years.
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He noted that Dana Gas’ outstanding receivables in Egypt declined significantly in 2023, now standing at USD 78 million, with a major reduction driven by the new agreement with the government.
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