Gulf Oil and Gas accountACCOUNT

Dana Gas Receives $48M from Its Operations in Egypt

Source: www.gulfoilandgas.com 6/29/2019, Location: Africa

Dana Gas PJSC has received payments of $48 million (AED 177 million) from its operations in Egypt in June. These collections comprise $38 million in payments from the government (of which $30 million as Dana Gas' share of the industry payment) and $10 million from the sale of the second El Wastani condensate shipment in 2019.

The industry payment is part of the Government's ongoing efforts to reduce its overdue receivables position to zero by the end of 2019. Since 2018 the Company has continued to make steady progress in reducing its outstanding balance of overdue receivables. Total receipts from Egypt in 2018 reached $208 million, reducing the total receivables sum to $ 140 million by year end, the lowest level since January 2011. The Company has received a total of $78 million in payments during H1 2019, further reducing the Company's receivables by 38% to $125 million.

Dr Patrick Allman-Ward, CEO of Dana Gas, commented:

"Receiving $38 million from the Egyptian Government in June shows steady progress for the Government in achieving its target of paying all the overdue receivables by year-end. These payments will provide funds to execute our current onshore work-over programme and contribute towards the costs of drilling Merak-1, our deep-water exploration well in Block 6. Drilling operations are progressing well and we are expecting to have results in the third quarter this year."

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Financials and Investment News in Egypt >>

Niger >>  10/18/2019 - Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to announce it has entere...
Australia >>  10/17/2019 - Polarcus Limited (PLCS) announces that the Company has secured high industry prefunding for a multi-client project in Australia with an approximate du...

Guyana >>  10/16/2019 - SBM Offshore is pleased to announce that it completed the project financing of FPSO Liza Unity for a total of US$1.14 billion. ...
Nigeria >>  10/15/2019 - Summary and Highlights ...

United States >>  10/11/2019 - BP now expects to deliver divestment proceeds and announced transactions totalling around $10 billion by the end of 2019, comprising the majority of i...
Spain >>  10/10/2019 - Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, provides the following update about the La Lora Concession i...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

Gulf Oil and Gas
Copyright 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.