|09-29-2014, 02:44 PM||#1|
Dana Gas wins new gas exploration deals in Egypt
United Arab Emirates energy firm "Dana Gas" has affirmed it has won a major oil exploration contact from the Egyptian Natural Gas Holding Company (EGAS) for two onshore gas blocks in Egypt.
The first concession areas will be exploring the North El Salhiya Onshore (Block 1) and El Matariya Onshore (Block 3) with the British company BP as an official partner on a 50:50 ownership basis.
"Under the terms of the agreement, BP will fund all of the cost, including Dana Gas`s share, of one exploration well up to an agreed maximum limit," Dana said.
Dana Gas already had problems recovering payments from exploration and production assets in Egypt, mainly as a result of the past political turmoil. However, all of its debts are to be paid by the Egyptian government, supposedly by 2018.
The new gas exploration deals will further benefit Egypt with a more efficient and profitable use of its natural resources, given the present continued exploration and development in these concessions.
Dana Gas is once again reaffirming its confidence in the potential of its assets and challenging work program after it partnered with BP; a leader in deep well drilling in the Nile Delta.
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