Companies & Finance

Dana Gas to reinvest Egyptian profits locally

Abu Dhabi-listed Dana Gas plans to invest the profits from its Egyptian production locally
By Staff reporter 31 May 2018 0 31088

Abu Dhabi-listed Dana Gas plans to invest the profits from its Egyptian production locally, Agence Ecofin reported Patrick Allman-Ward, the company’s managing director, as saying.

Dana has received $88.8 million from the Egyptian government so far during 2018. Allman-Ward stated that the company would spud its Balsam 8 well in the Nile Delta, which would allow it to increase production at its onshore LNG facilities to capacity.

Dana owns 14 production concessions, three exploration blocks and two processing facilities in Egypt, making it the...