Dana Gas said the impact of lower oil prices on the company is insignificant, as 90% of its business is focused on the gas sector.
“We are maintaining our production level in Egypt,” the company’s CEO Patrick Allan-Ward told CNBC, adding that “We have concluded a gas production enhancement agreement with the Egyptian government.”
The company plans to allocate $355 million of its capital expenditure to invest in drilling and developing wells, raising its production in Egypt.
Dana Gas is looking forward to drill a gas well in collaboration with BP Egypt as of April, with results expected to appear in October, he noted. The Egyptian government made payments of $150 million out of its $250 million bill overdue to the energy company.