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The UAE-based Dana Gas has received a $50 million payment from the Egyptian Government to support its ongoing drilling programme.
The payment is part of a 2024 agreement with the Egyptian Government that merged Dana Gas’s concessions, improved fiscal terms for new investments, and added extra land for exploration.
Dana committed a total of $100 million, multi-year work program involving drilling exploration and development wells.
Since the programme commenced, Dana Gas has drilled four wells, including the recent North El-Basant 1 discovery, which is estimated to hold 15 bcf of recoverable gas.
The Sharjah-based Dana, which is the largest regional private sector natural gas company, plans to drill seven more wells under the programme in 2026, with the next – the Daffodil exploration well – expected to spud in January.
The investment programme is expected to contribute over $1 billion in economic savings by displacing imported LNG and mazut with domestic production.
(Writing by Brinda Darasha; editing by Daniel Luiz)
