{"id":610973,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/this-evening-dana-gas-to-invest-usd-43-mn-in-egypt-in-2024\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"this-evening-dana-gas-to-invest-usd-43-mn-in-egypt-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/this-evening-dana-gas-to-invest-usd-43-mn-in-egypt-in-2024\/","title":{"rendered":"THIS EVENING: Dana Gas to invest USD 43 mn in Egypt in 2024"},"content":{"rendered":"

Good afternoon friends and happy almost-THURSDAY<\/strong> \u2014we\u2019re nearly there as the weekapproaches a close. Rounding out the day: Updates from the oil and gas industry, including fresh investments and more hopes of renewed LNG exports. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Dana Gas to invest USD 43 mn here next year:<\/strong> Emirati firm Dana Gas plans to invest USD 43 mn in Egypt in 2024 as part of an \u201cintensive\u201d natural gas drilling program in its concessions in Egypt, CEO Richard Hall said following a meeting with Oil Minister Tarek El Molla, according to a ministry statement<\/a>. Dana Gas plans to pour the investments into 11 development wells and three exploration wells, with an eye to increase production by some 30 mn cubic feet per day (cbf \/ d), Hall said.<\/p>\n

Meanwhile, more signs we\u2019re about to resume LNG exports:<\/strong> Egypt is reportedly planning to earmark 1 bn cbf \/ d of liquefied natural gas for exports as of January 2024, Al Arabiya<\/a> reports, citing an Oil Ministry source it says has knowledge of the matter. LNG exports have been on hold since the first half of the year due to an unusually long summer heatwave, declining local production, and the war in Gaza.<\/p>\n

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THE BIG STORY ABROAD<\/strong><\/p>\n

It\u2019s a mixed bag in the international news outlets today. <\/strong>As the Israel-Hamas truce enters its final day, Qatar, Egypt, and the US continue to push for an extension. Israel welcomes the release of more hostages in exchange for an extended pause, but still stands firm on their goal to annihilate Hamas.Meanwhile, Saudi Arabia repeatedly offered Iran a boost in investments in their struggling economy if they stop egging on the Israel-Hamas war, reports Bloomberg<\/a>. It\u2019s unclear how seriously Iran is considering the proposal, but at the same time, Saudi is working with US Assistant Secretary of State Barbara Leaf, along with other Arab allies, to prevent Tehran from using Israel\u2019s attack on Gaza to strengthen its resistance movement. (Bloomberg<\/a> | Associated Press<\/a> | Washington Post<\/a>) <\/p>\n

In other business news, <\/strong>the death of Charlie Munger, right-hand man of Warren Buffett, is still<\/a>in the headlines<\/a>. Meanwhile, Trump\u2019s former foreign advisor and Vice Chairman of IBM Gary Cohn, says the US economy is \u201cback to normal,\u201d for the first time in two decades. But, the market is likely getting ahead of expected interest rate cuts in the second half of next year, reports CNBC<\/a>. <\/p>\n

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