Dana Gas optimistic on Egypt after all arrears paid

Abu Dhabi-listed Dana Gas intends to keep investing in Egypt after the North African nation repaid its outstanding dues to the company.

“The Egyptian government’s settlement of all outstanding receivables and the return to full, timely payments are important developments that give us greater confidence to continue investing in Egypt,” CEO Richard Hall said in a statement.

The company recently received a final payment of AED79 million ($22 million).

Egyptian petroleum minister Karim Badawi said earlier this month that the government had cleared all its dues to global oil and gas companies.

In May 2025, Dana Gas announced plans to invest $100 million to stabilise production and restore growth across its Nile Delta portfolio. The plan included drilling 11 wells over the next two years, aiming to increase gas recovery at its Egyptian fields by 80 billion cubic feet (bcf).

Average production has risen 4 percent year on year to 13,060 barrels of oil equivalent per day, marking the first output increase since 2017, the statement said.

Last year Dana Gas drilled four wells and carried out restoration across three wells, adding 30 million standard cubic feet per day of production and 36 bcf of reserves. In December it confirmed a “significant” gas discovery onshore the Nile Delta.

New drilling at a well identified an estimated 10 bcf of gas reserves, beating estimates of 3 bcf, the statement said.

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Production returned to growth in the first quarter of 2026 for the first time since 2017 and “our latest well results have exceeded expectations”, Hall said.

As a result, the company plans to drill four new wells before year-end, the statement added.

Dana Gas earned gross revenue of $348 million in 2025, down 22 percent from 2024. Net profit dropped 14 percent to $130 million.

The company’s shares closed at AED0.942 on Monday. The stock is up nearly 10 percent in the year to date.

Crescent Petroleum Company owns 20 percent of Dana Gas.