President of Dana Gas Richard Hall confirmed that the company intends to pump additional investments amounting to about $43 million as part of its preparations to implement an intensive drilling program during the year 2024 in its concession areas, which includes drilling 11 development wells and 3 exploratory wells with the aim of increasing production by about 30 million cubic feet of gas per day.
This came during his meeting on Wdnesday with Tarek El Molla, the Egyptian Minister of Petroleum to discuss investment opportunities available in the oil and gas sector and the company’s work plans during the coming period, in light of its strong desire to expand its business and pump additional investments.During the meeting, El-Molla confirmed that despite the challenges, there is mutual trust between the petroleum sector and its international partners and a successful strategic partnership that has been going on for years.
“Egypt is considered a land of promising opportunities in the field of oil and gas, which has enabled it to actually transform into a regional energy hub, as it is supplied from neighboring countries and re-exported from Egyptian liquefaction factories to global markets, especially Europe," he added.
Dana Gas PJSC is a publicly traded natural gas company, based in Sharjah, United Arab Emirates (UAE).
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