Dana Gas has announced receiving $40 million in payments from the Egyptian government, Egypt Oil & Gas reports.
The Emirati gas company has now received a total of $88.8 million in debt repayments so far in 2018.
“We are pleased to receive this payment from the Egyptian government, bringing the total amount of receivables during the first half of 2018 to approximately $90 million,” CEO Patrick Allman-Ward said.
“The payment indicates the Egyptian government’s commitment to significantly reduce its financial obligations to companies operating in the oil sector in 2018,” he added.
The Emirati company has been operating in Egypt since 2007, and it is currently the fifth largest natural gas producer in the country, producing 36,800 barrels of oil equivalent per day (boe/d) during Q1 2018.