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Dana Gas wins Egypt offshore gas block bid

Gas

Dana Gas has announced that it has won a bid to develop an offshore gas block in Egypts Nile Delta

State-owned Egyptian Natural Gas Holding Company (EGAS) has awarded Abu Dhabi-listed Dana Gas a 100 per cent working interest in the North El Arish Offshore concession area. The Egyptian state, however, will continue to owe Dana Gas around US$230mn for gas supplies, a company statement said.

Rashid Al-Jarwan, executive director of Dana Gas, said, “The award of this concession demonstrates Dana Gas’ confidence in Egypt over the long term.”

The concession entails an eight-year exploration period comprised of three phases, starting with an initial four-year exploration period and two additional two-year extension periods.

A 20-year development lease period will be granted to the firm later based on an approved commercial discovery, the company added.

Dana Gas also announced that it has pre-qualified as a non-operator in Lebanon’s first offshore licensing round, with 10 deep-water exploration blocks – ranging from 1,500 sq km to 2,500 sq km – available, and 34 international companies having placed bids.

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