Dana Gas to start drilling in Egypt’s offshore gas field

2019-01-10 16:03:58 GMT (Economies.com)
Dana Gas to start drilling in Egypt’s offshore gas field
 

UAE’s Dana Gas will start the drilling of its first offshore gas field in Egypt for exploration of gas in North Arish concession, according to investor relations manager Mohamed Almebeidan.

The company owns three concessions in Egypt’s Nile Delta, according to Al-Etihad newspaper.

The company said in December that it has received an amount of AED 1.2 billion ($324 million) during 2018 from its operations in Egypt, the Kurdistan Region of Iraq, and Emirate of Sharjah.  It noted that this will support its growth plans and dividend distribution policy.

 

Dana Gas also said that 35%-owned Pearl Petroleum Company received AED 374 million ($102 million) from condensate and LPG sales in the Kurdistan Region of Iraq.

 

It announced earlier it has received an additional AED 162.4 million ($44.3 million) in payment from Egypt, of which $35 million is from the government, with the remaining $9.3 million accrued from the sale of condensate.

 

Accordingly, the total payment received from the Egyptian government by Dana Gas reached $55 million in December, while total receipts from Egypt now stands at $199 million compared with $164m last year.

 

 
 
 
  Symbol Last Change Chg.%
1.1357
-0.0014
0.1236%
1.2684
-0.0056
0.4384%
15.292
-0.050
0.323%
58.846
1.244
2.160%
65.05
0.19
0.29%
1413.165
14.155
1.012%
 
 
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