Dana Gas collections from Egypt has reached $39 million (AED 143mm) in December, reducing the company’s receivables below $30 million, to its lowest levels since commencing operations there in 2007, according to a press release.
During 2021, the company witnessed significant increases in collections, as Egypt’s collections jumped by 130% to record $184 million (AED 674mm) in 2021, compared to $80 million in 2020.
“We are extremely pleased to have received the latest payment from the Egyptian government which takes down our outstanding receivables to its lowest level since we started operations in the country. The payment underscores the Government of Egypt’s commitment to settle oil and gas companies’ receivables, Dr Patrick Allman-Ward, Dana Gas CEO, said.
“The acceleration of payments will further enhance the country’s ability to attract more international investment, which will in turn boost economic growth. The funds received from the Egyptian government gives Dana Gas further confidence in pursuing its future investment plans in the country,” he added.
It should be noted that Dana Gas has invested over $2 billion since first entering Egypt in 2007. It is currently the fifth largest gas producer in the country. In the third quarter, Dana Gas’s production in Egypt stood at 29,200 barrels of oil equivalent per day (boe/d).