Dana Gas plans to expand gas drills in Egypt by $43M investments

Dana Gas is preparing for an extensive drilling program in Egypt in 2024 with investments amounting to $43 million.

The program aims to boost its daily gas production by 30 million cubic, through drilling 11 development wells and three exploratory wells.

The announcement came during a meeting between the Minister of Petroleum and Mineral Resources, Tarek El-Molla, and the CEO of Dana Gas, Richard Hall to explore opportunities for expanding the company's presence in Egypt.

During the discussion, El-Molla emphasized Egypt's strong potential in the oil and gas sectors, highlighting the country's robust infrastructure, expertise, and strategic location. These factors position Egypt as a natural gas hub in the region.

He also mentioned Egypt's capability to import gas from neighboring countries and re-export it through liquefaction plants to global markets, particularly Europe.

In June, El-Molla had previously announced significant progress in Egypt's petroleum sector, with the completion and operation of major gas pipelines spanning a total of 1,234 kilometers. These projects, amounting to approximately 20 billion Egyptian pounds, were undertaken to meet the growing demand for natural gas in the country.