Dana Gasoline has acquired a $50 million (AED 184 million) cost from the Egyptian authorities, easing excellent receivables and supporting the corporate’s increasing drilling programme within the nation.
The cost is linked to the Consolidation Settlement signed in December 2024, which unified Dana Gasoline’s Egyptian concessions beneath improved fiscal phrases designed to speed up upstream funding. The settlement additionally granted further acreage earmarked for brand spanking new exploration drilling, strengthening the corporate’s long-term development prospects in Egypt.
For the reason that programme started, Dana Gasoline has drilled 4 wells, together with the North ElBasant 1 discovery, estimated to carry round 15 billion cubic ft (bcf) of recoverable gasoline. These wells have added 18 million normal cubic ft per day (mmscfd) of manufacturing and delivered a cloth enhance in reserves. In parallel, the corporate has accomplished workovers on three present wells, contributing an extra 9 mmscfd, with additional candidates beneath analysis for 2026.
Dana Gasoline plans to drill seven extra wells subsequent yr, with the Daffodil exploration nicely scheduled to spud in January. The expanded drilling marketing campaign varieties a part of an 11-well funding programme anticipated to be accomplished in 2026.
Chief Govt Richard Corridor mentioned the newest cost would assist fund the corporate’s funding plans in Egypt and underlined the significance of well timed authorities settlements in sustaining drilling momentum. He added that the programme is already delivering tangible outcomes, bringing new gasoline volumes on-line whereas reinforcing Egypt’s home vitality provide.
Egypt has turn into more and more reliant on imported LNG and gas oil in recent times as home manufacturing declined. Dana Gasoline estimates that its 11-well programme might generate greater than $1 billion in financial financial savings by displacing imported LNG and mazut with domestically produced gasoline, supporting vitality safety and lowering overseas forex outflows.
Oilprice Intelligence brings you the indicators earlier than they turn into front-page information. This is similar professional evaluation learn by veteran merchants and political advisors. Get it free, twice every week, and you will at all times know why the market is shifting earlier than everybody else.
You get the geopolitical intelligence, the hidden stock information, and the market whispers that transfer billions – and we’ll ship you $389 in premium vitality intelligence, on us, only for subscribing. Be a part of 400,000+ readers at present. Get entry instantly by clicking right here.
