Dana Gas expects to obtain approval from the Egyptian Parliament for the agreement concluded with the Egyptian Natural Gas Holding Company (EGAS) at the end of this year, Mohammed Mubaideen, Head of Investor Relations at the company told CNBC Arabia.

This new agreement will guarantee the company drilling 11 new wells and investments of $100 million during the next two years, and will also ensure the unification of concession areas between the two companies, Mubaideen noted.

Mubaideen also stated that the decline in the company’s profits during the second quarter of this year is mainly due to the drop in oil prices.

Production in Egypt witnessed a decrease, indicating a decline in revenues from $62 million during the past year to $52 million in 2023, Mubaideen confirmed.

Additionally, Mubaideen addressed the issue of the general assembly’s approval to increase the percentage of foreign ownership from 49% to 100%, as he expected that this decision would have a positive impact on liquidity.