Egypt repays USD 40 mn in dues to UAE’s Dana Gas
The UAE’s Dana Gas announced yesterday that it received USD 40 mn in payments from the Egyptian government, bringing total dues received so far in 2018 up to USD 88.8 mn. The funds will mostly be used to bolster Dana’s liquidity, allowing the company to pursue a number of projects in its pipeline, which include the development of the Balsam 8 well at its Nile Delta concession, as well as drilling its first offshore well in the Mediterranean north of Al Arish, which should start by early 2019. Dana Gas CEO Patrick Allman-Ward had previously said that his company would spend USD 47 mn in CAPEX in Egypt this year if the government follows through on its payments. Allman-Ward had met with Oil Minister Tarek El Molla last week to discuss the latest with the company’s ongoing projects in Egypt. Dana currently holds 14 development licenses, three concessions, and two treatment facilities in Egypt. EGPC’s payment could have been drawn from a USD 850 mn loan from a local banking consortium to repay international oil companies.