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|15 July, 2018

Dana Gas to drill 1st offshore well in Egypt

Dana Gas is planning to drill Balsam-8 well in the company’s development lease onshore in the Nile Delta following the reception of $40 million receivables from the Egyptian government

UAE's Dana Gas building in Cairo.

UAE's Dana Gas building in Cairo.

REUTERS/Mohamed Abd El Ghany

Abu Dhabi –  Dana Gas is planning to drill Balsam-8 well in the company’s development lease onshore in the Nile Delta following the reception of $40 million receivables from the Egyptian government, head of investor relations Mohammmed Mubaideen told Mubasher.

We hope that the new well could help us return to a targeted production capacity of 200 million cubic feet, Mubaideen added.

In the same vein, Dana Gas is planning to drill its first offshore well in sector 6 in the Mediterranean Sea nearby Gaza Strip, the top official revealed.

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The Emirati energy giant has based its investments in Egypt on the receivables paid by the government, Mubaideen said.

In May, the Abu Dhabi-listed company announced that it received AED 146.8 million ($40 million) in dues from the Egyptian government.

Translated by: Muhammad Khalid

Source: Mubasher Exclusive

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