Dana Gas building momentum in Egypt

Emirati Dana said two concession agreements signed for operations in the Nile Delta provides the company, the sixth largest gas producer in Egypt, a strong foundation for growth.

"We see this positive momentum continuing and are excited about our exploration and development plans in Egypt," Chief Executive Officer Patrick Allman-Ward said in a Sunday statement.

Dana in early January said it received $60 million from the Egyptian government, which represents about a quarter of its outstanding debt.

Political and economic instability in Egypt has left the government in debt to energy companies eager to tap the country's natural gas potential. The government recently agreed to cover at least $2 billion owed to a group of operators collectively.