25-02-2025
Dana Gas to Invest $100M in Egypt to boost gas production
CAIRO – 25 February 2025: Dana Gas has outlined a $100 million investment plan for Egypt, aiming to drill 11 wells over the next two years, according to Mohammed Mubaideen, Head of Investor Relations and Corporate Communications at Dana Gas, in an interview with Al Arabiya Business.
The project is expected to unlock approximately 80 billion cubic feet of gas, significantly enhancing the company's production in Egypt.
This increase in domestic gas supply is projected to save the Egyptian government around $1 billion over the same period, due to cost differences between locally produced and imported gas.
To further support its operations, Dana Gas signed an agreement with the Egyptian government to expand its investments, with a portion of the funds being reinvested into its Egypt-based projects.
This initiative aims to help counter the decline in Egypt's gas production over the coming years.
Mubaideen also revealed that Dana Gas' outstanding receivables in Egypt dropped significantly in 2023, now standing at $78 million, a major reduction attributed to the new agreement with the government.
Additionally, the company's collections in Egypt grew by 12 percent, reaching approximately AED 240 million.
