UK-based producer Dana Petroleum said it plans to invest $130 million in Egypt this year.

“It’s considered our largest investment,” Stuart Paton, the company’s technical and commercial director, told Reuterswithout giving details of how the money would be spent.

“That is about 35% of our total group investment internationally. We have about 25% of our production here in Egypt,” Paton added.

“We should clearly, in the current investment climate, be looking carefully at where we are going to spend our money. But Egypt is fundamental for us.”

(Upstream Online)