Arab Finance: Sharjah-based natural gas company Dana Gas is planning to invest around $100 million into drilling 11 new wells in Egypt this year, the company's Head of Investor Relations and Corporate Communications Mohammed Mubaideen told Asharq Business on May 30th.
The new wells are estimated to add up to 80 billion cubic feet of natural gas to reserve and production, Mubaideen added.
The drilling works are expected to start in 2023, he said.
He also noted that the Emirati company currently has four concessions in Egypt, and is seeking to merge them all in one concession within the framework pending approval of the House of Representatives.
Dana Gas had agreed upon a new set of terms with the Egyptian Natural Gas Holding Company (EGAS) regarding its operations in Egypt, according to Mubaideen.
The new terms will enable Dana Gas to explore and produce natural gas from areas requiring higher costs than the agreed upon for now, he highlighted.
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