Italian energy company Eni is not interested in Dana Gas’s assets in Egypt, CEO Claudio Descalzi told Bloomberg in an interview.
Descalzi stressed that the company plans to develop discovered resources instead, saying that Eni aims to focus on “organic growth in Egypt.”
“We discovered so many resources … that our focus now is to develop them. When you discover, the cost is lower than when you buy,” Descalzi said.
Eni’s production in Egypt currently stands at 34,000 barrels of oil equivalent per day (boe/d).
Meanwhile, the UAE’s Dana Gas collected $105 million from its Egypt assets in the first nine months of 2019, the company said in a statement.
The Emirati company had received a total of $78 million in payments from the government during H1 2019, reducing its arrears to $125 million, the lowest level since 2011.
Dana Gas continues to signal the possibility it will exit the market, having indicated it would quit Egypt to focus on Iraq, where 90% of its assets lie.