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FINANCIAL NEWS
UAE- Dana Gas secures contract to develop offshore block in Egypt
23 Apr 2013
(MENAFN) Dana Gas executive director, Rashid Al Jarwan, stated that the company has secured a 100-percent working interest in Egypt’s North El Arish Offshore concession area, reported Gulf Daily News.
Al Jarwan added that according to the contract, which has been awarded by Egypt’s state-owned Egyptian Natural Gas Holding Company, the Abu Dhabi-listed firm will develop the offshore block in the Nile Delta.
He added that the concession covers an 8-year exploration period that includes 3 phases, the first entails 4-year exploration period, while the other two cover extra 2-year extension periods.
It is worth noting that Egypt, which owes Dana Gas nearly USD230 million for gas supplies, owes at least USD5 billion to oil firms, half of the amount overdue.
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