Dubai: UAE-based energy firm Dana Gas announced that it has received $60m of $212m in overdue payments from the Egyptian government.
Egypt petroleum minister Sherif Ismail said last week that the country had paid $2.1bn owed to foreign energy firms. The move is both a boost for the region’s energy sector and a recovery sign for the country’s economy.
Dana Gas signed an agreement with the Egyptian government to enhance production and gradually recover its outstanding receivables in phases over a three-year period and it plans to start a new drilling programme in the country.
Egypt suffered declines in its gas exports in 2014 and announced plans to auction 22 oil and gas concessions. [05/01/15]
