Emirate company Dana Gas has announced receiving $111 million of arrears from the Egyptian Ministry of Petroleum, the company announced in a press release.
The company’s average production in Egypt has declined to 345,000 barrels per day (b/d) from 396,000 b/d during the first nine months of 2018, the company stated.
The reduction happened due to the natural decline in the fields’ production rates and the company’s decision to delay making any new investments due to unpaid arrears.
The Ministry of Petroleum will settle its total arrears of $1.2 billion to international oil companies (IOCs) by the end of 2019, official sources at the ministry told Amwal Al Ghad.
The ministry’s arrears reached $6.3 billion in 2014, and has since been decreasing as the government continues with its payments.