UAE’s Dana Gas eyes $100 million investment to drill new wells in Egypt

Dana Gas, a prominent UAE-based company, is set to commence drilling operations on 11 new wells in Egypt this year with an investment of around $100 million, a senior company official has revealed.

The investment is expected to contribute approximately 80 billion cubic feet of reserves and production, said Mohammed Mubaideen, the company’s head of investor relations, in a report published by Asharq Business.

Dana Gas presently holds four concessions in Egypt and is actively pursuing their consolidation into a single concession, pending approval by the House of Representatives.

Mubaideen added that drilling activities for the new wells are expected to commence this year.