Egypt repays $53m to Dana Gas

Drilling rig25 December 2013, News Wires -UAE’s Dana Gas said it has received a further tranche of $53 million from the Egyptian government in unpaid receivables.

The Abu Dhabi-based explorer said it had received $130 million altogether this year, and was still owed $276 million.

Dana Gas chief executive Patrick Allman-Ward said that the explorer was working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward”.

The explorer has been ramping up its capital expenditure in Egypt this year despite the turmoil as Cairo bids to encourage explorers to raise output in exchange for faster debt repayments.

Dana Gas, which is the sixth largest gas producer in Egypt, saw company record output of 41,500 barrels of oil equivalent during the third quarter.

The repayment comes a day after the Egyptian government said its central bank had released $1 billion to be repaid to foreign oil companies of some $6.3 billion owed since the 2011 uprising left the country struggling to meet its financial commitments.



– Upstream




About the Author