Dana Gas is to drill two new wells in Egypt, the company’s head of investor relations told Mubasher.
Mohammed Mubaideen told the website that the company will drill the Balsam-8 well in the company’s onshore Nile Delta concession after it received $40 million from the Egyptian government in May.
The Emirati company aims to return to its targeted production capacity of 200 million cubic feet through the new well, Mubaideen said.
The second well will be located in sector in the Mediterranean Sea, close to the Gaza Strip. This will be Dana’s first offshore well in Egypt.
Dana makes its investment decisions based on Egypt’s ability to pay its arrears. Petroleum minister Tarek El Molla said previously that the oil ministry plans to pay all money owed to international oil companies by the end of 2019.