Egypt receives millions of dollars in funding from UAE for pumps

Emirati-based Dana Gas expects to start drilling 11 new wells in Egypt this year and these wells are estimated to add up to 80 billion cubic feet of reserves and production.

According to Muhammad al-Mubaidin, the company’s head of investor relations, the company has made a US$100 million investment to drill these wells, indicating that the company currently has 4 concessions in Egypt and aims to include them in one concession as part of an agreement pending approval by the House of Representatives.

Dana Gas has agreed with the Egyptian Natural Gas Holding Company (EGAS) to change the economic conditions for its operations in Egypt, which will allow it to extract gas from areas requiring costs higher than currently agreed, according to the head of the company’s investor. connections. He expected to start drilling new wells this year.

Egypt represents about 40% of the company’s production capacity, whose average production in Egypt and Iraqi Kurdistan in the first quarter reached 62.9 thousand barrels of oil equivalent per day, an increase of 1% compared to the corresponding quarter of 2022. During this period, the company’s performance in Egypt decreased by 10%.

Dana Gas, founded in December 2005, is a privately held natural gas company in the Middle East, listed on the Abu Dhabi Stock Exchange.

Last year, Egypt’s natural gas production reached 50 million tons, and this year the country intends to introduce 6 to 8 new drilling rigs in the exploration areas of the Mediterranean to achieve drilling of 16 targeted wells in cooperation with foreign companies. statements by Samir Raslan, vice president of the Egyptian natural gas holding company Egas.

Source: Bloomberg.

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