UAE’s Dana Gas said that it has received another payment of US$53mn from the Egyptian government, making it a total of US$130mn in 2013
The payment comes a day after the Egypt announced that its central bank had released US$1bn to be repaid to foreign oil companies, according to reports.
The North African nation still owes US$276mn to the Abu Dhabi-based explorer, according to the company.
Patrick Allman-Ward, Dana Gas’ chief executive, said, “The explorer has been working closely with the authorities to find creative solutions to fast track the repayment of the remaining outstanding receivables and ongoing payments schedule going forward.”
Dana Gas added that it has been ramping up its capital expenditure in Egypt this year despite the turmoil as Cairo bids to encourage companies to raise output in exchange for faster debt repayments.
Dana Gas, reportedly the sixth largest gas producer in Egypt, saw company record output of 41,500 barrels of oil equivalent during Q3 2013.
