May 28, 2018, 16:30
Abu Dhabi: Dana Gas on Monday announced it has received $40 million (Dh146.8 million) in payments from the Egyptian government taking the total receipts to $88.8 million (Dh325.9 million) this year.
The company said it will use the cash to proceed with growth initiatives such as drilling Balsam-8 in its development lease onshore Nile Delta to increase production.
“We are pleased to have received this $40 million payment from the Egyptian Government which takes our total receipts to nearly $90 million for the first half of the year. It is a timely cash boost and highlights the government’s publicly stated commitment to substantially reduce the petroleum companies’ receivables during 2018,” Patrick Allman-Ward, CEO of Dana Gas, said in a statement.
He added that the company’s primary focus will remain on increasing production and on drilling its first offshore well in Block 6, due to commence in early 2019.
“Block-6 is highly prospective and contains several material prospects with multi-Tcf potential,” he said.
October 30, 2016, 12:42
Saadallah Al Fathi, Special to Gulf News
Stiff opposition in Jordan could mean existing deals might have to be rewritten
Since the major discoveries of gas in the East Mediterranean, especially in 2010, Israel has gone out in all directions to find viable export routes for its gas ... but with limited results so far.
In 1999, Israel discovered two small gasfields (Noa and Mari) with limited reserves of 1.5 trillion cubic feet (tcf), which are almost depleted now. However, in 2009, Dalit and Tamar fields were discovered with reserves of 0.5 and 10 tcf respectively and were speedily developed to supply Israel with gas after the stoppage of the Egyptian exports in 2012.
The major discovery was in 2010 when Leviathan was discovered about 150 kilometres west of Haifa in what Israel claims to be its Exclusive Economic Zone (EEZ). Its reserves were estimated at 18- to 22-tcf and in 2012 Tanin and Karish fields were discovered to add 3 tcf of reserves.
February 10, 2016
Lower oil and gas revenues mean the debt will ‘at least [be reduced] to a very reasonable’ level by end of year, Prime Minister Ismail says.
Egypt may miss its target of repaying the $3 billion it owes to foreign oil and gas companies by the end of 2016, the Egyptian Prime Minister said on Tuesday.
Sherif Ismail told reporters in Dubai lower oil and gas revenues mean the debt will “at least [be reduced] to a very reasonable” level by the end of year.
This would not be the first time the government has pushed backed the deadline. It previously said it would repay its arrears by mid-2015, then it said by mid-2016 before again pushing the target back to the end of the year.
May 28, 2018, 16:30 
