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Thursday, 2 June 2016

Dana Gas might be able to collect all overdue payments from Egypt only in 2019

It might take until 2019 for Dana Gas to collect all of its overdue receivables from Egypt, CEO Patrick Allman-Ward told Bloomberg. The drop in oil prices internationally might force “Dana Gas … to wait longer than planned for overdue payments owed by the Egyptian government for past gas sales,” but it could still meet its target to get paid back by the end of 2018 if prices rise. In Egypt, Dana Gas completed a pipeline from the Balsam field in the Nile River delta to a processing plant in Egypt allowed the company to beat its own year-end target of 70,000 bbl of oil equivalent. Allman-Ward says the oil market could be heading for a “bumpy road” as prices hover close to levels that are profitable for shale producers.

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