Dana Gas payments from Egypt surge 130% in 2021

A payment of US $39 million from the Egyptian Government has prompted Dana Gas’ Egypt collections in 2021 to surge by 130 percent to US $184 million, the company announced on Wednesday.

Dana Gas, one of the largest private natural gas companies in the region, is the fifth-largest gas producer in Egypt with a total output of 29,200 barrels of oil equivalent per day.

The latest government payment has reduced the receivables of Dana Gas from the North African state below US $30 million – its lowest levels since commencing operations there in 2007. It also complements what has already been a year of significant increases in collections from Egypt.

“We are extremely pleased to have received the latest payment from the Egyptian government which takes down our outstanding receivables to its lowest level since we started operations in the country. The payment underscores the government of Egypt’s commitment to settle oil and gas companies’ receivables,” Dr Patrick Allman-Ward, Dana Gas chief executive, said in statement to the Abu Dhabi Securities Exchange.

“The acceleration of payments will further enhance the country’s ability to attract more international investment, which will, in turn, boost economic growth,” he said.

Dana Gas has invested more than US $2 billion in the development of gas fields in Egypt in the past 14 years. It operates 14 development leases with 100 percent interest through its subsidiary Dana Gas Egypt and has other projects in the country.