Egypt paid UAE’s Dana Gas USD 35 mn in arrears on Saturday, bringing total receipts to USD 199 mn, according to a company press release. Dana Gas also received an additional USD 9.3 mn from condensate sales. The payments have brought arrears owed to the company to their “lowest since 2011, though the Company is hoping for further improvement in payments so as to reduce the level to zero as agreed.” The company also said the payment will allow it to complete final preparations to begin drilling at its first offshore deepwater exploration concession in North El Arish. Egypt has pledged to fully repay amounts owed to international oil companies by the end of 2019.

Tags: