Egypt Pays $10 M to Dana Gas

Egypt Pays $10 M to Dana Gas

Dana Gas received $10 million from the Egyptian government, as well as $9 million from El Wasatani field’s condensates, Egypt Oil & Gas reports.

The government’s payment comes in line with Egypt’s plans to repay all arrears in 2019, the company said in a press release.

In 2018, Dana Gas made progress in decreasing the outstanding balance of overdue receivables. On December 31, the company’s net receivables position dropped by 39% to reach $140 million, which is the company’s lowest level since 2011.

Dana Gas signed an exploration agreement in March 2019 with ADES International Holding for drilling services in Egypt’s Mediterranean Sea, Offshore Magazine reported. According to the agreement, Vantage’s Tungsten Explorer drillship will be responsible for drilling a firm well, with an option to drill three more wells. The drilling program was planned to be completed in 77 days.

Sarah Samir 3289 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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