Dana Gas has received a payment of $39 million (AED143 million) from the Egyptian Government in December, the company announced Wednesday.
The payment reduced its receivables in Egypt to its lowest levels at below $30 million since commencing operations there in 2007, local media reports said.
It complements a year of significant increases in collections from Egypt, increasing the company’s 2021 Egypt collections by 130 percent to $184 million (AED 674 million) compared to $80 million received in 2020.
Patrick Allman-Ward, Dana Gas CEO, said, “We are pleased to have received the latest payment from the Egyptian government which reduces our outstanding receivables to its lowest level since we started operations in the country.”
He said: “The payment underscores the Government of Egypt’s commitment to settle oil and gas companies’ receivables. The acceleration of payments will further enhance the country’s ability to attract more international investment, which will boost economic growth.”
Dana Gas has invested over $2 billion since first entering Egypt in 2007, and is currently the fifth-largest gas producer in the country.
Dana Gas’s Egypt production stood at 29,200 boepd in the third quarter.