Skip to content Skip to Search
Skip navigation

Dana Gas to invest $43m to expand gas wells in Egypt

By Pramod Kumar
Oilfield, Bulldozer, Transportation Reuters/Nick Oxford
The gas well drilling programme will boost Dana Gas' production by 30 million cubic feet of gas per day in Egypt

Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year.

The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported.

During a meeting with Dana Gas CEO Richard Hall, Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, highlighted factors that position Egypt as a natural gas hub in the region.

He emphasised the country’s capability to import gas from neighbouring countries and re-export it through liquefaction plants to global markets, particularly Europe.

In June, El-Molla announced the completion and operation of the EGP20 billion gas pipeline project, covering 1,234 km, to fulfil the rising local demand for natural gas.

Dana Gas has been operating in Egypt since 2007 and has drilled more than 30 exploration wells with a commercial success rate of over 60 percent, more than doubling the volume of recoverable hydrocarbons, according to the company’s website.

The company has invested more than $2 billion in Egypt and added over $10 billion in value to the Egyptian economy.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]